Wynn Resorts Q3 results to date tracking below expectations, says Deutsche Bank
After Wynn Resorts disclosed data through August in conjunction with a Senior Notes offering, Deutsche Bank analyst Carlo Santarelli said that Q3 EBITDAR is tracking to a range of $225M-$248M, or $260M-$288M including retail and adjusted for hold, as of August 31. The range does not include the retail at Wynn Las Vegas, but after factoring that in he said Wynn's EBITDAR per day of $3.9M is tracking below his estimate of $4.9M on a daily basis for the entirety of Q3. After additionally adjusting for the midpoint of the hold impact that the company disclosed, EBITDAR per day is still roughly 10% below his forecast, said Santarelli, who added that he thinks that softer quarter-to-date trends in Macau in July and August had investors poised for a Q3 miss. Santarelli maintains a Buy rating on Wynn shares, citing his view that the Q3 preannouncement "likely de-risks the story to an extent."