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China – JP Morgan raises EBIDTA estimates for Wynn in Macau

By - 11 July 2023

JPMorgan has increased its revenue predictions for Wynn Resorts during the second half of its year in Macau.

Analyst Joseph Greff have raised his estimates for Wynn Macau’s EBITDA¬†based on recent surges in its GGR.

Mr. Greff described Wynn Resorts as an ‘attractive mid-cap play in the ongoing Macau recovery.’

He said: “At current levels, WYNN trades at what we view as a reasonable and undemanding 2024E EV/EBITDAR multiple of 10.6x, one that reflects macro uncertainty. The lack of positive share price momentum since 1Q23 earnings season is, in our view, a buying opportunity for investors willing to ignore the noise and focus on the Macau GGR recovery.”

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