永利度假村（纳斯达克股票代码：WYNN）在最近几周创下52周低点后，因多方面因素的汇合，今年迄今下跌29.23%。
摩根大通表示，澳门和伊朗战争是拖累永利股票的因素。（图片：Getty）
In a recent report to clients, JPMorgan analyst Daniel Politzer notes that in Macau, which is Wynn’s largest market by earnings and revenue, “post-World Cup demand rebound appears short-lived.” That view is supported by data indicating that in August, gross gaming revenue (GGR) in the Chinese casino enclave slumped 1.2%.
分析师表示：
6月和7月结束的世界杯被广泛认为是拖累澳门GGR的因素，促使一些分析师和投资者推测，锦标赛的结束将为全球最大赌场市场带来活力反弹。但这种情况并未实现，一些卖方公司指出8月份的疲软现象延续到了9月。
伊朗战争仍是永利股票的问题
Earlier this year, Wynn told investors that the war in Iran would cause a “modest delay” to construction at Wynn Al Marjan Island, the operator’s $5.1 billion casino resort in Ras Al Khaimah, United Arab Emirates (UAE).
最近，公司表示该场所将在2027年中期至晚期开业，虽然这似乎缓解了投资者的担忧，但这些乐观情绪也昙花一现。波利策指出，永利的阿联酋项目非常受市场参与者关注，他们对伊朗的持续冲突感到不安。
The analyst said investors believe that due to the war in Iran, there’s “significant risk” around Wynn Al Marjan Island’s timeline for opening, how the venue will perform when it comes online and potential turbulence in its ramp-up process.
与一些卖方的说法相呼应，摩根大通分析师指出，永利股票为阿联酋项目分配了
永利股票在过去一个月下跌近17%
虽然永利股票在过去一个月下跌近17%，暗示其估值应该大幅折价，但它的交易价格并不便宜。波利策表示，该博彩类股的9.7倍估计2027年企业价值与息税折旧摊销前利润（EV/EBITDA）比率为9.7倍。这仅略低于三年平均值9.8倍。
澳门仍然是该股票的一个负担。在本周早些时候发布的一份报告中，CLSA表示预计澳门GGR明年将仅增长2.4%。
“Although there was notable recovery in Macau’s GGR and visitations after the World Cup, we do not think macros are supportive enough to drive incremental growth from the current revenue run-rate, despite cyclical factors such as low base effect in summer 2026 (due to World Cup) and possible mean reversion in VIP win rates,” according to the research firm.
该文章摩根大通：永利股票受澳门和阿联酋困扰首次出现在Casino.org。