Can Wynn's Stock Gain 50% As Macau Business Rebounds Strongly? [Forbes]
WYNN MACAU LTD UNSP/ADR (WYNMY)
NASDAQ:AMEX Investor Relations:
en.wynnmacaulimited.com
Company Research
Source: Forbes
currently trades at $92 per share, roughly 34% below its pre-inflation shock high of $140 seen on March 17, 2021. The stock was impacted by the Macau operations, which saw business largely collapse over 2021 and 2022, due to stringent Covid-19 restrictions which hurt tourist inflows into the region. Now the situation in the Macau gaming market has recovered considerably over the past year. Tourist arrivals at Macau have rebounded strongly and Wynn and other casino players are seeing pent-up demand. Tourist arrivals into Macau increased by 79.4% to 8.88 million for Q1 2024, approaching roughly 86% of pre-pandemic levels. Moreover, spending has also picked up. During Q1 2024 Wynn Macau's operating revenues came in at $411.7 million, up 78% from the prior year quarter. Wynn has also been gaining some market share in Macau in recent quarters, driven by the premium mass market, and higher VIP rolling chip volumes. Occupancy at the company's hotels in Macau has also been exceedingly strong
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