Ge Long Hui A P P·2025-11-10 03:18Core Viewpoint - Wynn Macau reported a net revenue of $1.001 billion for Q3 2025, reflecting a 15% year-over-year increase and a 13% quarter-over-quarter increase, recovering to 93% of the Q3 2019 level [1] Financial Performance - Adjusted property EBITDA reached $308 million, up 17% year-over-year and 22% quarter-over-quarter, recovering to 102% of the Q3 2019 level, slightly exceeding market expectations of $301 million [1] - The market share of total gaming revenue increased from 11.8% in Q2 to 13% in Q3 [1] Valuation and Ratings - The company maintains its EBITDA forecasts for 2025 and 2026, with the stock currently trading at an EV/EBITDA multiple of 7.6 times based on 2026 projections [1] - The target price has been raised by 4% to HKD 7.9, with a maintained "outperform" rating [1]