Wynn Resorts 3Q25 Earnings Presentation November 2025 1 Forward-Looking Statements This presentation contains forward-looking statements regarding operating trends and future results of operations. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those we express in these forward-looking statements, including, but not limited to, reductions in discretionary consumer spending, adverse macroeconomic conditions and thei ...

机构：申万宏源研究 研究员：贾梦迪 MGM China reported 3Q25 net revenue of HK$8.5bn (+17% YoY) and adjusted Ebitdaof HK$2.37bn (+20% YoY), setting a new third-quarter record, which was 53% higherthan that in 2019, in line with our expectations. We maintain 2025E EPS forecast ofHK$1.25, 2026E forecast of HK$1.38, and 2027E forecast of HK$1.43. We maintaintarget price of HK$19, with 26% upside potential, we maintain a Buy rating. 3Q25 results. The company's total gross gaming revenue (GGR) increased by 20%YoY, representing 36% ...