Carillon Tower Advisers, an investment management company, released its “Carillon Eagle Mid Cap Growth Fund” third-quarter 2025 investor letter. A copy of the letter can be downloaded here. In the third quarter, the equity markets continued their rally, fueled by enthusiasm for AI, limited evidence of inflationary effects from tariffs, and expectations for further interest rate cuts from the U.S. Federal Reserve. Mid-cap stocks also maintained their positive gains during the quarter. The Russell Midcap Grow ...

Baron Funds, an investment management company, released its “Baron Real Estate Fund” third-quarter 2025 investor letter. A copy of the letter can be downloaded here. The fund delivered strong results in the quarter. The fund appreciated 10.25% (Institutional Shares) compared to the MSCI US REIT Index’s (the REIT Index) 4.49% and the MSCI USA IMI Extended Real Estate Index’s 5.65%. In addition, please check the fund’s top five holdings to know its best picks in 2025. In its third-quarter 2025 investor lett ...

Core Insights - Wynn Resorts Ltd. reported third-quarter revenue of $1.83 billion, exceeding analyst forecasts of $1.77 billion, representing an 8.3% year-over-year increase [1] - The company missed earnings expectations with adjusted earnings per share of $0.86, below the anticipated $1.17 [1] Revenue Breakdown - Wynn Palace in Macau generated $635.5 million in operating revenue, an increase of $115.7 million from the previous year [2] - Wynn Macau contributed $365.5 million in revenue, up $13.6 million year-over-year [2] - Las Vegas operations in the U.S. delivered $621 million in revenue, reflecting a year-over-year increase of $13.8 million [2] Profitability Metrics - Adjusted Property EBITDAR rose 8% to $570.1 million from $527.7 million in the prior-year quarter, driven by recovery and strong performance in Macau [2]

Core Viewpoint - Wynn Resorts, Limited (WYNN) is a significant player in the luxury hotel and casino industry, with a market capitalization of $13.1 billion, showcasing its size and influence in the sector [1][2]. Company Overview - WYNN develops, owns, and operates luxury hotels and casinos, with notable properties including Wynn Las Vegas, Encore, Wynn Macau, and Wynn Palace [1]. - The company is classified as a "large-cap stock," emphasizing its dominance in the resorts and casinos industry [2]. Stock Performance - WYNN's shares are currently trading 2.5% below their 52-week high of $130.84, reached on September 19 [3]. - Over the past three months, WYNN shares have increased by 42.2%, significantly outperforming the Consumer Discretionary Select Sector SPDR Fund's (XLY) 11% return [3]. - In the last 52 weeks, WYNN has surged 59%, outpacing XLY's 19.8% increase during the same period [4]. - Year-to-date, WYNN shares are up 48%, compared to XLY's 6.1% rise [4]. - WYNN has been trading above its 200-day and 50-day moving averages since early May, indicating a bullish trend [4]. Financial Performance - In Q2, WYNN reported revenue of $1.7 billion, meeting consensus estimates, but its adjusted EPS of $1.09 declined by 2.7% year-over-year and fell short of analyst expectations by 9.2% [5]. - The decline in adjusted property EBITDAR at Wynn Palace, attributed to weaker VIP table games win, negatively impacted profitability [5]. Competitive Position - WYNN has outperformed its competitor, Las Vegas Sands Corp. (LVS), which gained 26% over the past 52 weeks and 3.3% year-to-date [6].

Core Viewpoint - Wynn Macau is benefiting from Macau's tourism recovery and strong gaming demand, with Q2 revenue expected to reach $933 million, reflecting a 5.5% year-on-year increase [1][29]. Group 1: Financial Performance - Q2 revenue for Wynn Macau is projected at $933 million, up 5.5% year-on-year, driven by a surge in VIP baccarat revenue, the highest since 2019 [1][29]. - The company's financial performance has shown a notable recovery from 2023 to 2024, with revenue rebounding to 80% of its 2019 level, reaching HKD 28.74 billion, an 18.4% year-on-year increase [20]. - Despite a decline in Q1 2025 operating revenue for Wynn Palace and Wynn Macau, occupancy rates remained high at 98% [23][26]. Group 2: Market Dynamics - The total gross gaming revenue for Macau's "Game of Chance" rose 8.3% year-on-year in Q2, reaching MOP 61.12 billion, with VIP baccarat revenue increasing by 23% year-on-year to MOP 16.33 billion [2][27]. - The mass gaming business has shown a strong recovery, while the VIP gaming segment remains below pre-pandemic levels [9]. - Market sentiment is improving, with forecasts anticipating a 6% growth in Macau's gross gaming revenue in the second half of the year [28]. Group 3: Strategic Developments - Wynn Macau is investing in smart gaming technology and diversifying its non-gaming offerings, which are becoming increasingly important for its overall strategy [1][9]. - The company plans to develop a multifunctional convention and exhibition center and a major theater for live performances, enhancing its non-gaming business [16][17]. - Wynn Macau is also upgrading its retail spaces to introduce more global brands, aiming to provide a comprehensive shopping experience [18]. Group 4: Competitive Position - Wynn Macau ranks sixth in the gaming industry by scale, competing closely with SJM Holdings Limited [10]. - The company holds advantages due to its premium brand image and high-quality services, although it faces intense competition from other gaming operators [10].

Financial Performance & Growth - Wynn Resorts reported a total Adjusted Property EBITDAR of $22 billion for the last twelve months (LTM) ending in the second quarter of 2025[29] - Las Vegas operations showed strong performance with a new second quarter EBITDA record[40] - Macau operations generated significant free cash flow and maintained a healthy market share[33] - Encore Boston Harbor demonstrated stable operating performance as the East Coast's only Forbes 5-Star Casino Resort[34] - Wynn Al Marjan Island is expected to add approximately $345 million in EBITDAR to the existing base upon opening[29] Capital Allocation & Investments - Approximately $135 billion, or about 12% of gross shares, has been returned to Wynn Resorts, Limited shareholders since 2022[29] - The company anticipates remaining equity contributions of $600-$675 million for the Wynn Al Marjan Island project[69] - Wynn Macau is undertaking capital expenditure projects estimated between $200-$250 million in 2025 and $450-$500 million in 2026[71] Liquidity & Debt - Wynn Resorts has total liquidity of $17 billion[82] - Wynn Macau has total liquidity of $28 billion[82]