Goldman Sachs: Lowers Wynn Macau (01128.HK) target price to 7.4 Hong Kong dollars, performance in the fourth quarter expected to be limited

According to the Zhitong Finance app, Goldman Sachs released a research report stating that they have adjusted their EBITDA forecast for Wynn Macau (01128.HK) for the years 2025 to 2027 by a range of -4% to +1%. They have slightly lowered the target price for Wynn Macau from 7.5 Hong Kong dollars to 7.4 Hong Kong dollars, and maintained a "neutral" rating. Wynn Macau's third quarter property EBITDA was 308 million US dollars, benefiting from a VIP room win rate of 4.26%, compared to 2.97% in the previous quarter. If the VIP room win rate is adjusted to the theoretical value of 3.4%, the property EBITDA should be 285 million US dollars, a quarterly increase of 7% and year-on-year growth of 9%, in line with market expectations. During the period, the market share of casino revenue increased by 1.1 percentage points to 13.1%.