We view Wynn Macau as “High Risk” on the LARA scale. The company has a good operating track record in the Macau gaming market, supported by two high-quality assets (Wynn Macau and Wynn Palace). Conversely, our view also takes into account the company’s geographical concentration and exposure to Chinese regulatory changes. Moreover, we consider the risks associated with the ownership by Wynn Resorts, given Wynn Macau’s history of paying large dividends to the parent company. Over the…