[I-bank focus]Wynn Macau's (01128) 4Q results in line - GS

    Goldman Sachs said Wynn Macau's (01128) 4Q15 results were in line with expectations and fine-tuned its FY16-18E EBITDA by less than 1%.
  As expected, non-gaming revenue stabilized, -2% qoq, with hotel +2%, F&B +6% and retail -10%. GGR dropped 7% qoq, dragged by lower VIP win rate (2.6% vs. 3.2% in 3Q), although rolling turnover actually grew 7% qoq outperforming +3% for the industry. Mass-market GGR slipped 3% qoq while slot GGR bounced back by 20% qoq. Overall, Wynn's market share dropped 0.7% to 9.1% (VIP rolling: +0.5% to 14.4%; mass: -0.4% to 6.3%).
  Similar to Sands China's (01928) comment, management sees signs of stabilization across various segments since Nov-15, including not only VIP and mass-mkt GGR but also hotel occupancy and retail sale. These trends have continued, as its performance in Jan was one of the best months in a long time. Its mass-mkt GGR is also tracking stronger in the first few days of this CNY vs. prior years.
  The research house still assumes Wynn Palace opening on Jun 25. Even if it is delayed by a quarter, the stock valuation still looks undemanding at 9.2% 2016E FCF yield (vs. 11.5% base case).