Gamal Aziz Resignation from Wynn Macau (WYNN) Suggests Disappointing Palace Post-Open Ramp - Nomura

September 30, 2016 11:00 AM EDT
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Nomura analyst Harry Curtis weighed in on Wynn Resorts Ltd (NASDAQ: WYNN) amid news Gamal Aziz has resigned from his positions as President and Executive Director of Wynn Macau. Curtis notes Mr. Aziz led the development and opening of WYNN Palace and said his departure "should be an indication that the post-opening ramp of the Palace has been disappointing."

"We continue to expect downward pressure on collective EBITDA estimates for WYNN Macau," Curtis said. "In our view, it will take a long time to build a mass presence at the Palace, which was built more for premium players. Eventually, once the light rail system is operational, the Palace could achieve a 10% ROIC, but, in our view, the initial returns should be closer to mid-single digits."

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