Wynn Resorts' results are a 'Macao story,' analyst says

Bringing vitality, Umonski Global Gaming is senior analyst at Seaport Research Partners. He joins us now live. Sally, good to see and appreciate your time. What do you make of the wind numbers? Good morning. So winds numbers came in much better than expected, especially in Macau. I think the strength of Macau, especially in the premium mass side of the business is really showing through for winds operations. I think on the Las Vegas and the US side, numbers are maybe slightly better than expected, but more or less in line. So it’s really a Macau story at this stage. OK. Vitaly, you’re liking what they’re they’re seeing in Macau. Can you comment on the Golden Week about just was the five day Labor Day holiday with the tourism office showing that the average hotel occupancy now Macau on the whole was 89.2%, that’s up 4.5 percentage points year over year. A tourist arrivals were also decent, 80% from the mainland. Of the 605,000 that did travel to Macau, what was what is the outlook for the industry and for if you have any breakdown of the operators? Well, I think for the, for the May Golden Week, there was a negative impact from bad weather that that that we experienced in in Macau and Zhuhai and in in Hong Kong over the weekend. So numbers could have been much better during that five day period than what the kind of channel checks are showing. And and similarly I think when you look at hotel occupancy, there’s still considerable room for continued expansion for demand to continue to come into Macau. So I think overall for the market. Over the next couple of quarters, I still see that this market continuing to grow fairly robustly quarter over quarter with a little bit of seasonality. So far on the operator side. The operators that have benefited have been the ones that have been really focused on, on the premium mass side of the business, the smaller operator, so MGM and then in this case when have benefited more than the larger operators like Sands and and Galaxy. Those operators while having a substantial premium mass business also have a substantial base mass business and that business is not yet fully recovered. We think over the next 12 months, the base masks will begin to recover, show more recovery, while the premium mask continues to kind of creep along. So I think everything bodes well for Macau and General over the next year or so.