JP-WYNN@EC2612A

JPMorgan Maintains Overweight Rating on Wynn Macau

Goldman Sachs Reports Wynn Macau's Q4 2025 Earnings Below Expectations

CLSA Reports on Wynn Macau's Q4 2025 Earnings and Capital Expenditure Guidance

Wynn Macau Announces Q4 2025 and Full Year Results

J.P. Morgan Report Predicts Recovery in Macau's Gaming Industry

CLSA cuts Wynn Macau target price, raises Galaxy Entertainment target price

JPMorgan Report: Macau Gambling Sector Exceeds Expectations, Multiple Gambling Stocks in Focus

Wynn Macau Confirms IP License Agreement Annual Cap at HKD 11.657 Billion

UBS: Macau Gambling Revenue Slows, Chooses Stocks to Buy

Wynn Macau CEO Announces Progress of VIP Room Expansion and Hotel Renovation

CLSA Maintains Buy Rating on Wynn Macau with a Target Price of HKD 9.00

Goldman Sachs Downgrades Wynn Macau's EBITDA Forecast and Target Price

CICC Raises Target Price for Wynn Macau to HK$7.9

CICC Maintains Buy Rating on Wynn Macau

Wynn Resorts Reports Q3 Results for Wynn Macau

Macau's Major Casinos' Gambling Revenue in September

JPMorgan Sees Positive Trajectory for Macau Gambling Revenue, Upgrades Ratings on Some Companies

Wynn Macau's Latest ESG Rating Released

Citibank Gives Outperform Rating to Wynn Macau With Positive EBITDA Outlook

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Morgan Stanley pointed out that the cash flow and dividends of Macau casinos continue to grow, preferring Galaxy Entertainment and Sands China. Despite a moderate performance during the Spring Festival, overall gaming revenue is expected to achieve low single-digit growth. Morgan Stanley holds a cautious attitude towards industry profit margins, believing that while the number of visitors to Macau is increasing, per capita spending is declining. Ratings for major casinos include: Sands China and Galaxy Entertainment as overweight, MGM China in line with the market, Wynn Macau and Melco Resorts as overweight, and SJM HOLDINGS as underweight

AASTOCKS

Sands China

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Wynn Resorts

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Melco Resorts & ENT

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VanEck Gaming ETF

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Roundhill Sports Betting & iGaming ETF

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Morgan Stanley: Cash flow and dividends of Macau gaming stocks continue to grow, prefer Galaxy Entertainment and Sands China

BEDZ

Wynn Resorts says investigating hack, adds breach has not had any impact on operations

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Invesco Leisure & ENT ETF

AdvisorShares Hotel ETF

Wynn Resorts says investigating hack, adds breach has not had any impact on operations

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Citigroup's report shows that the Macau gaming industry started strong in the Year of the Horse, with high-end mid-market per capita bets reaching a record high of MOP 29,625, an increase of 13% compared to last year. It was observed that the number of high rollers with bets exceeding MOP 500,000 increased to 7, and the minimum bet for baccarat rose to MOP 2,347. Citigroup is optimistic about Macau's total gaming revenue forecast for 2026, expecting a growth of 1% to MOP 20 billion. Gaming stocks performed well, with Galaxy Entertainment seeing the largest increase of 3.1%

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MELCO INT'L DEV

Citigroup expects Macau's gaming industry to have a strong start in the Year of the Horse, with high-end mid-market per capita betting reaching a new high

The UBS research report shows that during the Spring Festival holiday, Macau's average daily gaming revenue was approximately MOP 786 million, lower than the market expectation of MOP 900 million to MOP 950 million. Despite weak initial demand, the transaction volume accelerated in the last three days of the holiday, reaching an average of MOP 1.2 billion to MOP 1.3 billion per day. UBS's top picks are Melco Resorts & Entertainment, WYNN MACAU, and MGM CHINA as industry favorites, along with corresponding investment ratings and target prices

UBS: Macau's average daily gaming revenue during the Spring Festival holiday fell short of expectations, with Melco Resorts, WYNN MACAU, and MGM CHINA as top picks

Citi released a research report indicating that the Macau gaming industry has had a strong start, with high-end mass market performance continuing to strengthen and average betting amounts reaching record highs. It is expected that February's gaming revenue will grow by 1% to MOP 20 billion. Citi is optimistic about Galaxy Entertainment and has given it a buy rating with a target price of HKD 54. Other ratings for Macau gaming stocks include buy for MGM China at HKD 18.25, buy for Sands China at HKD 23, buy for Wynn Macau at HKD 7.55, sell for SJM Holdings at HKD 2.23, and buy for Melco Resorts at USD 10.5

"Big Banks" Citigroup: Macau's gaming industry starts strong, most optimistic about Galaxy Entertainment

Citigroup expects Macau's gaming revenue to reach MOP 20 billion in February this year, a year-on-year increase of 1%. During the first seven days of the Lunar New Year golden week, the number of visitors to Macau reached 1.2125 million, with mainland visitors accounting for 76.9%. The bank believes that the visitor trend in Macau is positive and aligns with the predictions of the tourism bureau. It is expected that the average daily gaming revenue from February 19 to 23 will be MOP 1.1 billion, while the average daily gaming revenue on other days will be around MOP 750 million

Studio City

Citi expects Macau's February gaming revenue to reach MOP 20 billion, a year-on-year increase of 1%

Citi has lowered its forecast for Macau's February gaming revenue to MOP 20 billion, leading to a general decline in gaming stocks. Sands China fell 2.5%, currently at HKD 18.53; Galaxy Entertainment fell 1.16%, currently at HKD 42.58; MGM China fell 1.46%, currently at HKD 13.53; SJM Holdings fell 1.23%, currently at HKD 2.41; Wynn Macau fell 0.34%, currently at HKD 5.92

Citigroup lowers gambling revenue forecast to MOP 20 billion, casino stocks generally decline, Sands China falls 2.5%

JP Morgan released its latest investment ratings and target prices for gaming stocks. Galaxy Entertainment is rated as overweight, with a target price of HKD 52; Sands China is overweight, with a target price of HKD 22; MGM China is overweight, with a target price of HKD 18; Wynn Macau is overweight, with a target price of HKD 8; Melco Resorts & Entertainment is rated neutral, with a target price of USD 6.4; Amax Holdings is rated underweight, with a target price of HKD 2; and New Macau International is rated underweight, with a target price of HKD 3.5

Morgan Stanley's investment ratings and target prices for Macau gaming stocks (Table)

Wynn Resorts (WYNN) reported mixed Q4 results, with revenue boosted by Macau but profits declining due to softness in Las Vegas and Boston. The stock price is currently $113.39, reflecting a 7.49% year-to-date decline despite a 28.90% total return over the past year. Analysts suggest a fair value of $144.89, indicating potential undervaluation. However, concerns about reliance on Macau and rising costs pose risks. The current P/E ratio of 35.7x is significantly higher than industry averages, raising questions about market pricing. Investors are encouraged to assess both opportunities and risks.

Simplywall

Assessing Wynn Resorts (WYNN) Valuation After Mixed Q4 Results And Macau Led Growth

CICC released a research report stating that WYNN MACAU's net income for the fourth quarter of 2025 is expected to be USD 968 million, a year-on-year increase of 4%, but the adjusted EBITDA is expected to be USD 271 million, a year-on-year decrease of 7%. The report pointed out that WYNN MACAU's market share and win rate are lower than expected, and operating costs are relatively high. Nevertheless, it is anticipated that strong booking volumes will be generated during the Spring Festival due to the newly opened VIP gaming area "Chairman's Club," and business trends will continue into 2026. CICC maintains its EBITDA forecast and "outperform the industry" rating for WYNN MACAU, with a target price of HKD 7.2

In "Major Banks," China International Capital Corporation (CICC) states that WYNN MACAU's "Chairman's Meeting" is expected to bring strong booking volumes for the Spring Festival

During the Lunar New Year period, hotel occupancy rates in Macau are close to full capacity, with some hotel room prices exceeding six times those in the off-season. The average daily number of tourists is expected to reach between 158,000 and 175,000. According to forecasts, Macau's casino revenue is expected to reach or exceed the levels seen during last year's Golden Week in November, with an average daily gaming revenue projected at MOP 1.1 billion. Multiple factors have contributed to the recovery of the tourism market, with hotel occupancy rates expected to exceed 90%

Macau hotels are nearing full capacity for the Spring Festival, with the most expensive night costing 9,000 yuan, six times more than on weekdays, and gaming revenue expected to exceed last year's Golden Week

JP Morgan released a report stating that Wynn Macau's performance in the fourth quarter of 2025 met expectations, with adjusted EBITDA of USD 287 million, and market share also met expectations. The earnings conference call did not provide new information, and JP Morgan believes this earnings announcement has no significant impact. Due to its attractive valuation, they maintain an "Overweight" rating with a target price of HKD 8

"Big Banks" JP Morgan: Wynn Macau's quarterly results are unremarkable, valuation is attractive, maintain "Overweight"

Goldman Sachs released a report stating that WYNN MACAU's performance in the fourth quarter of 2025 is slightly below expectations, with EBITDA at USD 271 million, close to the lower end of market consensus. Rising costs and an unfavorable gaming revenue mix impacted performance, with average daily operating expenses increasing by 4% to USD 2.85 million. Goldman Sachs maintains a "Neutral" rating on WYNN MACAU, with a target price of HKD 7

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

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$Wynn Resorts(WYNN.US) ex-divy today 0.25. Still own let it rides hereSource: Sunrise Trader

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Hong Kong stocks continued their upward trend on July 28, with the cryptocurrency, innovative drug, gaming, and insurance sectors performing well. Hong Kong's &#34;Stablecoin Ordinance&#34; will officially take effect on August 1, marking the countdown to stablecoin issuance; the innovative drug sector was boosted by Hengrui Pharmaceuticals securing a $12 billion order; insurance stocks extended their gains as industry anti-internal competition and interest rate cuts improved profit prospects; gaming stocks benefited from Macau's July gaming revenue exceeding expectations and Thailand's withdrawal of the casino bill.

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JP-WYNN@EC2612A(24546.HK)

Morgan Stanley: Cash flow and dividends of Macau gaming stocks continue to grow, prefer Galaxy Entertainment and Sands China

Wynn Resorts says investigating hack, adds breach has not had any impact on operations

Citigroup expects Macau's gaming industry to have a strong start in the Year of the Horse, with high-end mid-market per capita betting reaching a new high

UBS: Macau's average daily gaming revenue during the Spring Festival holiday fell short of expectations, with Melco Resorts, WYNN MACAU, and MGM CHINA as top picks

"Big Banks" Citigroup: Macau's gaming industry starts strong, most optimistic about Galaxy Entertainment