Citi Research lowered its target price for Wynn Macau (01128) to HK$19 from HK$21.5 and maintained its "buy" rating.
Wynn Resorts anticipates 3Q Macau casino revenue and adjusted property EBITDA to be
impacted by significantly lower VIP volume due to the US-China trade dispute and the disruptions in Hong Kong. EBITDA would also be affected by unusually low hold in direct VIP operations.
Reflecting the latest management guidance on July and August, the research house cut its 3Q Macau EBITDA forecast by 24%, from US$392m to US$298m. It now expects VIP GGR to fall 49%, hit by 42% decline in volumes.
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