<Research>Citi Lifts WYNN MACAU's TP to $6.25 w/ Rating Kept Buy; Apr Performance Solid
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2025/05/08 02:19 GMT
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According to a Citi report, although WYNN MACAU (01128.HK)  -0.050 (-0.893%)    Short selling $15.54M; Ratio 29.402%   's overall property EBITDA fell short of expectations in 1Q25, its luck-adjusted EBITDA reached US$290 million, beating both the broker's forecast (US$269 million) and the market consensus (US$274 million). The group delivered a solid performance in April, with direct VIP

turnover
 up YoY and Mass drop roughly on par with last year. During the May Day Golden Week, Mass drop rose YoY and hotel occupancy was nearly full.

Gourmet Pavilion, the destination food hall, opened at the end of April, and management has noticed about 2,400 incremental restaurant covers per day. Even though the food hall will increase daily operating costs, management expects it to have a positive impact on EBITDA.

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Factoring in the latest operating trends and higher
margin
 forecasts, Citi lifted its target price for WYNN MACAU from $5.55 to $6.25 and kept the Buy rating unchanged.
(HK stocks quote is delayed for at least 15 mins.
Short Selling
 Data as at 2025-05-16 16:25.)

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<Research>Citi Lifts WYNN MACAU's TP to $6.25 w/ Rating Kept Buy; Apr Performance Solid
According to a Citi report, although WYNN MACAU (01128.HK)'s overall property EBITDA fell short of expectations in 1Q25, its luck-adjusted EBITDA reached US$290 million, beatin...
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