Goldman Sachs: WYNN MACAU's quarterly results slightly miss expectations, maintains "Neutral" rating

AASTOCKS
2026.02.13 06:40

Goldman Sachs published a research report indicating that Wynn Macau (01128.HK) will slightly underperform expectations in the fourth quarter of 2025 due to rising costs and an unfavorable shift in gaming revenue mix. The property EBITDA is expected to be USD 271 million, at the lower end of market consensus expectations.

Theoretically, if the adjusted VIP room win rate returns to a level of 3.1% to 3.4% (actual for Q4 2025 is 2.94%), its EBITDA would be more in line with expectations, stabilizing at approximately USD 287 million quarter-on-quarter, compared to USD 285 million in Q3 2025. The firm noted that the increase in gaming volume is largely offset by rising costs, with average daily operating expenses rising 4% quarter-on-quarter to USD 2.85 million, primarily due to the full-season operations of the Gourmet Pavilion and increased seasonal marketing activities near year-end. Promotional offers also increased 16% quarter-on-quarter, accounting for 17.9% of total gaming revenue, compared to 17.6% and 15.2% in Q2 and Q3 2025, respectively, mainly due to the shift in gaming revenue mix towards the VIP room segment, which saw a quarterly surge of 43% in turnover, while mass gaming revenue declined quarter-on-quarter by 1% due to a win rate (19.6%) lower than the past few quarters' 20% to 22%.

Goldman Sachs maintains a "Neutral" rating on Wynn Macau, with a target price of HKD 7

Source: AASTOCKS The copyright of this article belongs to the original author/organization.
The views expressed herein are solely those of the author and do not reflect the stance of the platform. The content is intended for investment reference purposes only and shall not be considered as investment advice. Please contact us if you have any questions or suggestions regarding the content services provided by the platform.
© 2026 Longbridge｜Disclaimer