Citi Raises WYNN MACAU TP to HKD7.7, Expects "The Enclave" to Enhance Competitiveness
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Citi has raised its target price for WYNN MACAU from HKD7.55 to HKD7.7, maintaining a Buy rating. The bank highlighted the potential of "The Enclave," a new all-suite hotel project with a budget of USD900-950 million, expected to enhance competitiveness and generate additional EBITDA of USD150-175 million. WYNN MACAU's 1Q results showed a slight miss due to a below-normal mass hold rate, with property EBITDA for Wynn Palace rising 26% YoY, while Wynn Macau fell 16% YoY. Citi has adjusted its earnings forecasts for FY2026-2028 down by 3-4%.
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