WYNN RESORTS

WYNN Resorts

WYNN Resorts

From an operating earnings perspective, then, Wynn Macau now accounts for more than 100% of WYNN's results. Looking at EBITDA, Macau is “only” 75%. As Steve Wynn has often said, WYNN is now a Chinese company. In fact, WYNN is planning to move parts of its corporate headquarters to Macau when it completes an anticipated new resort in Cotai. Assuming WYNN gets government permission, construction will begin in 2014.

As the economic and financial characteristics of countries change, so would be their betas and correlations of their investment returns with that of the U.S. Such changes are expected to ...