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<Research> Citi Raises WYNN MACAU (01128.HK) TP to HKD7.7, Expects "The Enclave" to Enhance Competitiveness
Citi issued a research report noting that WYNN MACAU (01128.HK) revealed at its 1Q results briefing that the group maintained discipline in reinvestment for gaming players, lifting...
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<Research> Citi Raises WYNN MACAU (01128.HK) TP to HKD7.7, Expects "The Enclave" to Enhance Competitiveness
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Citi issued a research report noting that WYNN MACAU (01128.HK)  0.000 (0.000%)    Short selling $7.23M; Ratio 19.455%   revealed at its 1Q results briefing that the group maintained discipline in reinvestment for gaming players, lifting property EBITDA margin from 28% in 4Q last year to 28.2% in 1QYY. The bank also favored the newly announced capital expenditure project, "The Enclave", a new all-suite hotel property with 432 rooms located near the east entrance of Wynn Palace, with a capital expenditure budget of USD900 million to USD950 million. It believes the new hotel will help WYNN MACAU maintain long-term competitiveness. Management expects limited operational disruption during construction as the site is currently a bus entrance.

The project is scheduled to commence construction in 2H26 and will take approximately 2.5 years to complete. It will not include any gaming facilities. Management expects the project to generate additional EBITDA of USD150 million to USD175 million upon full operation, implying a mid-teens rate of return. Citi accordingly raised its TP for WYNN MACAU from HKD7.55 to HKD7.7 and maintained a Buy rating.

Related NewsCLSA: WYNN MACAU (01128.HK) 1Q Results In Line; TP 5.7
Citi noted that WYNN MACAU's 1Q results slightly missed expectations, mainly due to below-normal mass hold rate at the Wynn Macau casino on the Macau Peninsula. During the period, property EBITDA of Wynn Palace rose 26% YoY to USD204 million, while property EBITDA of Wynn Macau fell 16% YoY to USD76 million. Overall, total GGR in 1Q increased 15.3% YoY, with market share edging up 0.2 ppts QoQ to 12.4%. Management also said at the results briefing that gaming volumes recorded YoY growth during the recent Labour Day Golden Week holiday. Reflecting the 1Q results and latest operating trends, the bank trimmed its earnings forecasts for FY2026FY2028 by approximately 3% to 4%. (ad/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-14 16:25.)

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