According to Macquarie, the net revenue forecast for Wynn Macau (01128) for 2024 was raised by 6% to reflect higher gambling revenue forecasts and higher adjusted EBITDA profit margin expectations.
The Zhitong Finance App learned that Macquarie released a research report stating that it gave Wynn Macau (01128) a “outperform the market” rating and raised the Group's net revenue forecast for 2024 by 6% to reflect higher gambling revenue forecasts and higher adjusted EBITDA profit margin expectations, raising the target price by 5% to HK$10.2. The company's overall gambling revenue for the fourth quarter of '23 returned to 73% of 2019 levels, while the gambling revenue for VIP rooms, midfielders, and slots reached 28%, 117%, and 53%, respectively. According to management, Wynn Macau's first large-scale concession-related capital project, Illumarium, opened in the fourth quarter of last year. In the future, the Group's capital expenditure plans will include food courts, new events and entertainment venues, and unique performances.