Wynn Macau On Track to Meet Our Full-Year EBITDA Estimate; Expect VIP Segment to Worsen
 Given Wynn Macau’s aggregated adjusted earnings before interest, tax, depreciation and amortization, or EBITDA, for the first three quarters of...
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Crown Resorts (CWN AU): Setup, Australia Holds Firm Whilst Macau Continues to Slip
Poor conditions in Macau have hit the Crown Resorts share price by quite a large degree with the stock down 33% to $10.12 (from February highs of...
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Knock-on Impact from Macau Associate Leads to Fair Value Estimate Cut for Crown Resorts
We regard Crown Resorts as a unique company offering both a defensive earnings quality, and an attractive growth profile. Its two Australian...
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Downgrading FVEs of Macau Gaming Coverage; China Economy and Policies Extend Near-Term Uncertainty
During the past month, authorities have raided pawn shops in Macau that use illegal terminals, economic data in China has shown signs of weakening...
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Wynn's US operation undervalued, long the stub to ride structural tourist trend
Wynn's US operations are trading at their lowest valuation in 18 months. Meanwhile we have not seen material recovery in Macau. We would be setting...
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