The Zhitong Finance App learned that Lyon released a research report saying that in the third quarter of this year, property EBITDA for Wynn Macau (01128) fell 17% year on year to HK$1,991 billion, falling short of the bank and market expectations, maintaining a “outperforming the market” rating and target price of HK$7.1.

According to the bank, property EBITDA for the third quarter was 2% lower than the bank's forecast and 9% lower than market expectations, as the overall gambling market share fell short of expectations. The bank pointed out that the overall gambling closing rate for the third quarter was 12.5%, lower than the bank's forecast of 13.2%, and lower than 13.8% for the second quarter and 13.1% for the same period last year. Excluding the higher than normal VIP room win rate in the third quarter, the adjusted VIP room win rate is estimated to be about HK$1,895 million, down 15% from the previous year. Property EBITDA margins narrowed by 3 percentage points year over year to 27.8%.

The bank said that Wynn Macau's 2026 and 2027 capital expenditure guidelines remain unchanged, at 350 million to 400 million US dollars and 750 million to 800 million US dollars respectively. Wynn Macau is still committed to maintaining the current level of return on shareholders' capital.

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