Zheng Quan Shi Bao Wang·2025-11-10 04:49Group 1 - The core viewpoint of the report is that Wynn Macau's performance in Q3 2025 is strong, with net revenue reaching 1.001 billion USD, a year-on-year increase of 15% and a quarter-on-quarter increase of 13%, recovering to 93% of the level seen in Q3 2019 [1] - Adjusted property EBITDA is reported at 308 million USD, reflecting a year-on-year growth of 17% and a quarter-on-quarter growth of 22% [1] - The report attributes the performance growth primarily to a low base effect and an increase in market share of total gaming revenue from 11.8% to 13% [1] Group 2 - The company maintains its forecasts for adjusted EBITDA for 2025 and 2026, while also maintaining an "outperform" rating [1] - The target price has been raised by 4% to 7.9 HKD [1]