WYNN是一家基本面被误解的公司，值得买入；它在拉斯维加斯高端市场没有竞争，以94亿美元市值提供显著价值。

Fourth of these four stocks is Win Resorts. If you know them, I call them winning Resorts. Okay, Win Resorts. $91 here today. If [clears throat] you know me, what I always tell you guys, under $100 is a buy for win. The further you can get under 100, the more it's like a steel deal, right? This stock's had a rough past month, up about 9%.

And when it comes to Win Resorts, this is a company that is a oneofone freak company that just makes bank. They pay out dividends and they have a lot of room to pay a lot bigger dividends in the future. Now, keep in mind, Wind Resorts had a weird time period to work through a very we like the resorts were forced to be closed and so they had one of the most brutal, you know, kind of three-year runs you could have possibly imagined, right? Their resorts were for I live in Las Vegas. The resorts were forced to be closed. Then when they were finally allowed to open again, it was like partial open, right? And in the United States that was good compared to how Macau was. Macau was basically semi shutdown for like three years. Insane, right? So, you got to understand that that does a lot of financial damage to a company. And so, over the last like few years here, the company's just been kind of like climbing back from that financial damage that was caused the company because of a once in aundred-year health event that it was what it was, right? It just was what it was. And so, that's a thing of the past. Now, we're moving forward. The company's making great money again. And um they're now getting their balance sheet into a much better position as well.

Right? So they have their Vegas properties which there's no compet that's the thing you got to understand about this company. You can say there's a lot of places you can go play a slot machine. A lot of places you can go play blackjack. There's a lot of places you can go eat at restaurants, right? But the thing you got to understand, and you really only understand this if you've gone to the win and you're higher net worth, they have no competition. I live in Vegas. If I'm going out for the night, if I'm going to take friends or family to they they want to go down the strip, we're going to the win in Encore. And you guys probably know this because I've seen a lot of private group members over the years at the win. And you guys always say hi. So if you ever see me in Vegas and I'm on the strip, you're probably going to see me at the win, right? Like there's no competition. I'm going to I'm going to the win. And so like that just is what it is, right? And so there's no competition in regards to that space. Like somebody that's a win customer isn't gonna say, "Oh, I'm gonna go play at Caesar's Palace." No. What? Gh. Come on. Go play at the Bellagio. What is it? We got to go back in 1998. Like, you're going to go to the nicest place. It's got the best restaurants. It's got the best clubs. That's got the most attractive people. Like, it's just simple, man. That's just what it is. And that's what Win Resorts is, and that's who they attract, right?

Then they have their two properties in Old Macau, right? Then they have their Boston property that they operate. I stayed there for a few nights. beautiful room um at that Boston property and they actually the gaming floor does business man. It really does business. I'll say that. Um you know, a little bit of a weird location in there in Everett, but it's actually gorgeous. The they have their Kotaai property, which is their um their crown jewel in my opinion in terms of that Macau area, the Kotai strip property. And then they're building a Middle East property right now. This is the latest photo I have of that property. It's should be ready to rock and roll next year in 2027 which is going to be very exciting for Windtock.

And so this is the closest thing I've seen to that sort of opportunity. And Win Resorts has an entire market capitalization of $9.4 billion as of right now, right? So think about what you're getting as a company for 9 billion. I mean, just imagine the cost. I mean, you couldn't even build the win and encore in Vegas today for $9 billion. I don't think it could be done. I'm not kidding because that project back in the day when those were properties were built around ' 05 08 somewhere in there, right? The the cost of those properties back then was like probably like around 6 billion, you know, ballpark. I don't you if you try to replicate those exact properties in that scale in that luxury of an environment on that piece of land there I don't see there being any way you could build those properties for 9 billion nowadays and then add on the old part of the the Macau properties add on the property they built uh the wind palace I mean wind palace alone that's like a that would be easily a5 to8 billion project nowadays they have about if I recall about 40% % ownership in the Middle East property, right? They still operate the prop. Like, think about what you're getting as a company. And of course, it comes with debt too, right? Which we got to factor in. But even when you add up the debt versus just property cost, it's insane.

Never mind when we start talking about Ebidol and what this company throws off. And remember, a company like Win Resorts, they have incredible amounts of depreciation they always can throw off. So, the the net income always looks a lot smaller. So you want to usually value a company like Win Resorts much more on EBITDA earnings before interest, taxes, depreciation, amortization than other companies because you if you know how I kind of value most companies, I'm looking at net income, right? And I'm doing P ratios for a company like Win Resorts since it's such you know like they'll have depreciation of like hundreds of millions of dollars a year, right? That that's and the thing is about their properties in my opinion, they don't actually depreciate. Like if wind was gonna sell those properties off like those properties are worth a lot more than what they were when they were built. So if anything I make an argument that those properties appreciate over time but yet wind's able to take massive depreciation numbers which makes the profitability look smaller. It's a beautiful thing man. It's a beautiful thing.

So I I think Win Resorts is a fundamentally misunderstood company. Like a fundamentally misunderstood company and um it's a great deal. It's a great deal, right? And so Win Resorts, that's a buy.