Longleaf Partners Comments on Wynn Resorts

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Jan 10, 2020

Wynn (WYNN, Financial) (46%, 1.52%, 30%, 0.46%), the global casino company, was a meaningful contributor this year. While the gap between price and value closed, our appraisal did not grow in the past year. Muted gaming revenues in Macau, sluggishness in Las Vegas and Boston still in ramp-up phase all held things back. However, CEO Matt Maddox and the company’s new board of directors have done critical work turning around the company’s culture this year and last, and our investment succeeded as a result of the low price we paid in 2018.

From Longleaf Partners' fourth-quarter 2019 shareholder commentary.