Wynn Resorts: 4Q beat on high Hold, estimates up marginally - FBR Capital (201.51)
FBR Capital notes that while WYNN exceeded expectations on headline numbers, upside looks to be a function of high table hold. Normalizing for hold, EBITDA would have been below their estimate. To be fair, Wynn performed well in Macau when they considered its relatively disadvantaged position on the peninsula and weighting to VIP. That was, however, captured in estimates, and they see nothing to get excited about in 4Q. Looking forward, they take their estimates up slightly but remain on the sidelines given what they see as a full valuation and generally aggressive Macau market expectations.
WYNN is +3%
WYNN is +3%