Sterne Agee Raises Estimates On Wynn Resorts

According to Sterne Agee, Wynn Resorts WYNN reported 2Q11 Macau property EBITDA of $314.3m, above the estimate of $307.7m and investor expectations for ~$310m. Sterne Agee said that Wynn Las Vegas results were impressive, especially in the nongaming categories. “Our price target goes to $155 from $146, and is based on multiples of the Company's Macau (including royalties) and Las Vegas divisions, less a blended multiple of corporate less net debt. We also apply $15 a share for WYNN's Cotai project.” Wynn Resorts closed yesterday at $164.89.