Wynn-dow to U.A.E. …. Initiating Coverage with a Buy Rating and $125 PT

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Wynn-dow to U.A.E. …. Initiating Coverage with a Buy Rating and $125 PT

With leverage declining

Market Cap ($M) $10,001 and FCF inflecting (post UAE opening), we think WYNN is poised for more capital returns

to shareholders. We are initiating with a Buy rating and $125 PT. ADTV 1,018,133

Shares Out (M) 104 Investment Positives: Best assets in good, (potentially) great and recovering

Short Interest Ratio/% Of Float 11.8% neighborhoods. WYNN LV has performed well through market softness, and should still

Dividend/Yield $1.00/1.0% benefit from what looks to be market recovery. An adjacent ~38-acre parcel of land gets

Enterprise Value ($M) $18,926 overlooked, which represents attractive LT optionality. Across the globe, WYNN Al Marjan

Cash & Equivalents ($M) $1,622 Island is set to open in 2027. We are not so concerned over exact timing (currently a "modest

delay" is expected) as there may not be any direct competition for years to come, and the Total Debt ($M) $10,547

property has the potential to become one of the highest EBITDA generating properties in the

world. For Macau, we see no shortage of risks (geopolitical, regulatory, concessions), but the

44 Page Document market continues on its path to pre-pandemic levels which should benefit WYNN. We also

see ROI from ~$2.5B in required concession related capex despite the non-gaming focus.

Over time, we expect WYNN EBITDA to become more diversified with Macau becoming a

Reasons for this report smaller part of the portfolio.

✓ Initiation of Coverage Risks: Regional volatility, government intervention, competitive openings. Regulatory

restrictions/government interventions are always possible in Macau with Beijing having

a history of occasionally tightening visitation and money movement. Macau concession