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$WYNN - Wynn Resorts Quiet week, Macau numbers down huge not helping
By: Options Mike | April 3, 2022
• $WYNN Quiet week, Macau numbers down huge not helping.
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Wynn Resorts Stock Pops After Analyst Upgrade
By: Schaeffer's Investment Research | April 1, 2022
• Citi upgraded Wynn Resorts stock to "buy"
• WYNN is down 36.6% year-over-year, though
Wynn Resorts, Limited (NASDAQ:WYNN) is up 2.5% at $81.76 at last check, after Citi upgraded the security to "buy" from "neutral," noting its attractive valuation. Further, the company just reported smaller-than-expected annual losses for its Macau casino, with increasing clarity over regulations and licenses at the location cited as another reason for the firm's bull note.
Despite the strong results, Jefferies cut its price target to $93 from $104 earlier. The brokerage bunch is mostly skeptical towards Wynn Resorts stock, with six of the nine in question calling the equity a tepid "hold," while three say "buy" or better. Plus, short interest is up 6.9% over the most recent report period, and now makes up 6.1% of WYNN's available float.
The options pits are more bearish than usual, with puts popular in the last two weeks. Over at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), WYNN's 10-day put/call volume ratio sits higher than 99% of annual readings. This means puts are getting picked up at a much quicker-than-usual pace.
Echoing this, Wynn Resorts stock's Schaeffer's put/call open interest ratio (SOIR) of 1.40 ranks higher than 98% of readings in its 12-month range, indicating short-term options traders have rarely been more put-biased.
Wynn Resorts stock has struggled on the charts over the past 12 months. The shares have experienced resistance at the $84 level, as well as the 60-day moving average in the last four weeks, both of which have contributed to its 36.6% year-over-year deficit.
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Las Vegas, Casinos, Gamblers Get Huge IRS News (Jackpot)
By: TheStreet | March 24, 2022
• Don't want to tell the IRS about your jackpot from the casinos? You may not have to (which Caesars, MGM, and others should love).
Slot-machine players pump their money into the so-called one-arm bandits because they want to win a jackpot. It's a rare occurrence -- MGM Resorts International (MGM) and Caesars Entertainment (CZR) did not build Las Vegas/global casino empires by being generous -- but when it happens, the thrill makes all the losses worthwhile.
When you play the slots, you hope to see three 7s, or whatever the winning combo might be. When that happens, and you hit the big jackpot, there's that moment of elation, followed by a period of waiting if you won more than $1,200.
It's a sobering moment that tempers the joy of your big score. If your win exceeds $1,199,99, your machine locks and you get the dreaded "wait for attendant" note on the screen. That wait, for some reason, is rarely short. And when the attendant does show up, it's to take your personal information in order to report your win to the Internal Revenue Service.
Nobody having a good time wants to involve the IRS (the organization doesn't seem as if it knows how to party). Now, a new bill being introduced in Congress would make you less likely to have to report your winnings.
Congressional Gaming Caucus Wants to Raise the IRS Ceiling
When you hit a jackpot that touches the $1,200 level, you get issued a tax form and your win gets reported to the IRS as income. That means you pay taxes on it at whatever rate you pay.
You can, of course, offset your win with any gambling losses. That's not something you track. But all the major casino companies, including Caesars and MGM, do track your gambling and enable you to download a report (as long as you are a member of their loyalty programs who plays while logged in).
Doing any of that makes something that's supposed to be fun a little less so. And now, Congress members Dina Titus (D-Nevada), Guy Reschenthaler (R-Pennsylvania), Anthony Brown (D-Maryland), Mark Amodei (R-Nevada), and Steven Horsford (D-Nevada) have introduced the Shifting Limits on Thresholds, or Slot, Act. This bipartisan legislation would raise the threshold for slot winnings.
“The current threshold for reporting slot winnings was set at $1,200 in 1977 and has not been updated in the 45 years since. If indexed for inflation, the threshold would be around $5,000," Titus said.
"Due to inflation, the number of jackpots hitting that threshold, triggering a shutdown of the machine and necessitating excessive paperwork requirements for the patron, has increased dramatically."
And while changing the rule would result in less income for the government, it would provide benefits for the casino industry.
“This creates an unnecessary burden on the gaming industry, an economic driver for Southern Nevada and other communities nationwide where slot machines exist," she said.
"While I believe appropriate taxes should be collected on winnings, raising the threshold would reduce paperwork and ensure this is accomplished more efficiently."
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Why Wynn Resorts (WYNN) Stock May Not Be Such a Gamble
By: Schaeffer's Investment Research | March 21, 2022
• Should investors be betting big on Wynn stock?
• Wynn stock is down over 40% year-over-year
Wynn Resorts, Limited (NASDAQ:WYNN) is down 1.7% to trade at $78.26 at last check, though there is no apparent reason for today's price action. Back in September, the security came under pressure after China announced a regulatory overhaul as the Macau government planned to analyze how gambling concessions were reviewed. Later in December, after a 45-day public gaming consultation seemingly brought no additional regulations that could put a dent in profits, the impacted casino stocks bounced back.
The security is today running into a familiar ceiling at the $80 level, after bouncing off a March 15, annual low of $66.33. The 20-day moving average is still pressuring shares lower as well, and year-over-year Wynn Resorts stock maintains a hefty 42.4% deficit.
Analysts are mostly pessimistic towards WYNN, with six of the nine in question calling it a tepid "hold" or worse. Plus, bears are firmly in control, with the 6.07 million shares sold short making up 5.8% of the stock's available float.
At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the security sports a 10-day put/call volume ratio of 0.65 that sits higher than 95% of readings from the past 12 months. This indicates that while calls are still outnumbering puts on an overall basis, the latter have been more popular during the past two weeks.
Wynn Resorts stock offers very little security or consistency from a fundamental point of view. WYNN currently holds $12.04 billion in total debt, and only $2.53 billion in cash on its balance sheet. The hotel and casino concern also reported back-to-back years of top- and bottom-line declines for 2019 and 2020, with revenues decreasing 68% while its net income fell by $2.19 billion for 2020.
However, Wynn Resorts stock trades at a forward price-earnings ratio of 11.39, as well as a price-sales ratio of 2.19, indicating a relatively good valuation. WYNN also reported an 80% increase in revenues and a $1.3 billion increase in net income for 2021. What's more, the casino name is estimated to grow its revenues by 29.5%, and increase its earnings from -$1.03 to $3.59 in 2022.
Overall, Wynn stock offers a decent opportunity as a short-term recovery play, despite its fundamentals providing an elevated level of risk.
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Wynn Resorts (WYNN) Island bottom on this one as well, at the 21D , 50D next spot to watch
By: Options Mike | March 20, 2022
• $WYNN Island bottom on this one as well, at the 21D , 50D next spot to watch. Maybe if covid dies down again in China.
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Wynn Resorts, Limited (WYNN) Receives Average Recommendation of "Hold" from Analysts
By: MarketBeat | March 18, 2022
• Wynn Resorts, Limited (NASDAQ:WYNN - Get Rating) has been given an average recommendation of "Hold" by the fourteen brokerages that are currently covering the stock, MarketBeat Ratings reports. Eight investment analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $111.77...
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$WYNN Love this name, but worried if we slip into a recession, not a good market to be in
By: Options Mike | March 12, 2022
• $WYNN Love this name, but worried if we slip into a recession, not a good market to be in. 52W low in play ....
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Wynn Resorts Ltd (WYNN)
72.5 ? -4.03 (-5.27%)
Volume: 3,624,746 @03/11/22 7:58:01 PM EST
Bid Ask Day's Range
72.11 72.5 72.17 - 77.9324
WYNN Detailed Quote
Zacks: Brokerages Anticipate Wynn Resorts, Limited (WYNN) Will Announce Quarterly Sales of $1.01 Billion
By: MarketBeat | March 4, 2022
• Equities research analysts expect Wynn Resorts, Limited (NASDAQ:WYNN - Get Rating) to post $1.01 billion in sales for the current fiscal quarter, according to Zacks. Five analysts have provided estimates for Wynn Resorts' earnings. The highest sales estimate is $1.03 billion and the lowest is $971.66 million. Wynn Resorts reported sales of $725.78 million during the same quarter last year, which indicates a positive year over year growth rate of 39.2%. The company is expected to announce its next earnings results on Monday, May 9th...
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Wynn Resorts, Limited Forecasted to Post Q1 2022 Earnings of ($0.51) Per Share
By: MarketBeat | February 19, 2022
• Wynn Resorts, Limited (NASDAQ:WYNN) - Jefferies Financial Group lowered their Q1 2022 EPS estimates for Wynn Resorts in a report issued on Wednesday, February 16th. Jefferies Financial Group analyst D. Katz now expects that the casino operator will post earnings per share of ($0.51) for the quarter, down from their prior estimate of ($0.31). Jefferies Financial Group also issued estimates for Wynn Resorts' Q2 2022 earnings at $0.20 EPS, Q3 2022 earnings at $0.31 EPS, Q4 2022 earnings at $0.84 EPS, Q1 2023 earnings at $0.70 EPS, Q2 2023 earnings at $1.01 EPS, Q4 2023 earnings at $1.68 EPS and FY2023 earnings at $4.57 EPS. Wynn Resorts (NASDAQ:WYNN) last announced its quarterly earnings data on Tuesday, February 15th. The casino operator reported ($1.37) earnings per share for the quarter, missing analysts' consensus estimates of ($1.25) by ($0.12). During the same quarter last year, the business earned ($2.45) earnings per share...
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wow pays to be gov't
Las Vegas Congresswoman Susie Lee bought Wynn Resorts $WYNN (a casino operator) two weeks ago
By: congresstrading.com | February 10, 2022
• Las Vegas Congresswoman Susie Lee bought $WYNN (a casino operator) two weeks ago and she's up 11% already. Her recently divorced husband is a Casino CEO, btw.
$1.03 Billion in Sales Expected for Wynn Resorts, Limited (WYNN) This Quarter
By: MarketBeat | February 12, 2022
• Wall Street brokerages expect Wynn Resorts, Limited (NASDAQ:WYNN) to post sales of $1.03 billion for the current fiscal quarter, Zacks reports. Four analysts have issued estimates for Wynn Resorts' earnings, with the lowest sales estimate coming in at $1.00 billion and the highest estimate coming in at $1.05 billion. Wynn Resorts reported sales of $686.00 million in the same quarter last year, which indicates a positive year-over-year growth rate of 50.1%. The business is scheduled to announce its next quarterly earnings report after the market closes on Tuesday, February 15th...
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Las Vegas Congresswoman Susie Lee bought Wynn Resorts $WYNN (a casino operator) two weeks ago
By: congresstrading.com | February 10, 2022
• Las Vegas Congresswoman Susie Lee bought $WYNN (a casino operator) two weeks ago and she's up 11% already. Her recently divorced husband is a Casino CEO, btw.
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Wynn Resorts Ltd (WYNN)
85.4 ? 1.17 (1.39%)
Volume: 2,884,370 @02/04/22 7:56:20 PM EST
Bid Ask Day's Range
42.0 85.74 82.82 - 85.92
WYNN Detailed Quote
Wynn Resorts, Limited (WYNN) Given Consensus Rating of "Hold" by Analysts
By: MarketBeat | January 27, 2022
• Wynn Resorts, Limited (NASDAQ:WYNN) has earned an average recommendation of "Hold" from the fourteen research firms that are presently covering the stock, MarketBeat reports. Eight research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $108.79...
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Wynn Resorts (WYNN) Price Target Increased to $125.00 by Analysts at CBRE Group
By: MarketBeat | January 26, 2022
• Wynn Resorts (NASDAQ:WYNN) had its price target increased by stock analysts at CBRE Group from $120.00 to $125.00 in a report released on Wednesday, Stock Target Advisor reports. The brokerage presently has a "buy" rating on the casino operator's stock. CBRE Group's target price points to a potential upside of 44.58% from the stock's current price...
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Casino Operator Wynn Plans UAE Resort With Gaming Facilities
By: Bloomberg | January 25, 2022
Wynn Resorts Ltd., the Las Vegas-based hotel and casino operator, plans to develop a multi-billion-dollar resort off the coast of the United Arab Emirates which is set to include a “gaming area.”
The project, set to be built on Al Marjan island in the UAE emirate of Ras Al Khaimah, comes as the sheikhdom’s Tourism Development Authority, known as RAKTDA, formed a new division to regulate what it called “integrated resorts” which are set to include gaming facilities, according to an e-mailed statement from the authority.
The new government authority will set the rules for “licensing, taxation, operational procedures, and consumer safeguards” needed to regulate gaming in those resorts, it said. “The foremost priority of this new division is to create a robust framework that will ensure responsible gaming at all levels.”
Rumors swirled for months last year about plans to allow gambling within the United Arab Emirates, which were quickly denied by the government. Allowing gambling is controversial in the Muslim world. It wasn’t immediately clear if “gaming” referenced in the statements means gambling.
Ras Al Khaimah’s Tourism Development Authority said it will consider the “social, cultural, and environmental landscape of the Emirate,” as it comes up with regulations.
The planned resort is scheduled to open in 2026 and will include more than 1,000 rooms, along with a gaming area, meeting and convention facilities as well as entertainment options. The resort will be developed with “significant foreign direct investment by Wynn Resorts,” the statement said, without giving a specific figure.
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Wynn Resorts looks to sell online sports betting biz at deep discount: source
By: NYP | January 23, 2022
Wynn Resorts is looking to unload its online sports-betting business at a steep discount as the fledgling niche faces painful losses from stiff taxes and costly promotions needed to lure customers, The Post has learned.
The Las Vegas-based casino giant is quietly shopping its Wynn Interactive unit — operator of the WynnBet online gaming app — and has slashed the asking price to $500 million after floating a $3 billion valuation less than a year ago, a source close to the situation told The Post.
The fire sale comes less than six months after Wynn was publicly readying a splashy spring launch for WynnBet, signing up NBA legend Shaquille O’Neal as a brand ambassador. O’Neal even sold his minority stake in the Sacramento Kings NBA team so he could work closely with Wynn without breaking the league’s gambling rules.
“I am so excited to take WynnBet to new heights,” O’Neal said in an August press release. “Mobile sports betting is having a major moment, and I believe that WynnBet will be a powerful force in the industry.”
A few months later in November, however, Wynn said it was scrapping plans it disclosed in May to merge Wynn Interactive with Austerlitz Acquisition Corp. — a blank-check company owned by Bill Foley, the billionaire owner of the Las Vegas Knights.
In addition to creating a public company with a $3.2 billion valuation, the deal would have armed WynnBet with $640 million in cash for marketing. After revealing that the app was on track to burn $100 million in both the third and fourth quarters, outgoing CEO Matt Maddox signaled he wasn’t interested in throwing good money after bad.
“The market is really not sustainable right now,” Maddox said on a Nov. 10 earnings call. “Competitors are spending too much to get customers. And the economics are just not something that we’re going to participate in.”
* * *
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Wynn Resorts (WYNN) Price Target Raised to $94.50
By: MarketBeat | January 18, 2022
• Wynn Resorts (NASDAQ:WYNN) had its price objective raised by equities research analysts at Citigroup from $92.50 to $94.50 in a research note issued on Tuesday, The Fly reports. Citigroup's target price indicates a potential upside of 3.31% from the stock's current price...
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Wynn Resorts (WYNN), Las Vegas Sands (LVS) Surge As Macau Clarifies Casino Licensing Rules
By: TheStreet | January 14, 2022
• Macau, the world's largest gaming hub, will cap the number of casino operator licenses at six, while boosting local ownership requirements, when it auctions new permissions later this year.
Las Vegas Sands (LVS), MGM Resorts International (MGM) and Wynn Resorts (WYNN) shares surged higher Friday after officials in Macau set out plans to limit the number of casinos in the world's largest gaming hub.
Macau, a Special Administrative Region of the People's Republic of China, will cut the tenue of gaming licenses to 13 years -- from the current level of 20 years -- and cap the total amount offered at six. Local ownership requirements will also rise to 15% from 10%, officials indicated Friday, and some restrictions on the amount of casino shares that can trade publicly are also being considered.
The new recommendations, which need approval from the local legislature, removes a significant amount of uncertainty for U.S. gaming groups as they prepare to bid for new licenses when their current permissions expire in June.
"There was previously concern about the future dividend distribution policy (which if limited would make it difficult for any money generated in Macau to accrete back to the US listed stocks)," said Credit Suisse analyst Benjamin Chaiken. "It sounds like that dynamic has been dropped (as did) a proposal to add delegates to the board of Macau operators (this was never a major concern for us, but either way it’s out). Macau will look for other ways to ‘strengthen supervision.”
Macau sparked concern last year when it began mulling changes to both the number and tenure of casino permits amid a broader industry crackdown, with Lei Wai Nong, Macau's secretary for economy and finance, indicating he could "maintain or even reduce the number of concessionaires" in this year's bidding process.
Macau's gaming market generates around $37 billion in annual revenues, around five times more than the collective take of the Las Vegas strip.
Las Vegas Sands shares were marked 13.6% higher in late morning trading Friday at $42.78 each, while Wynn Resorts gained 7.1% to $90.11 each.
MGM Resorts International shares were marked 0.9% higher from their Thursday close at $45.63 each.
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$1.03 Billion in Sales Expected for Wynn Resorts, Limited (WYNN) This Quarter
By: MarketBeat | January 2, 2022
• Wall Street analysts expect Wynn Resorts, Limited (NASDAQ:WYNN) to report $1.03 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Four analysts have made estimates for Wynn Resorts' earnings, with estimates ranging from $1.00 billion to $1.05 billion. Wynn Resorts posted sales of $686.00 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 50.1%. The firm is scheduled to report its next quarterly earnings results on Thursday, February 3rd...
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Wynn Resorts, Limited (WYNN) CEO Matt Maddox Sells 20,000 Shares
By: MarketBeat | December 23, 2021
• Wynn Resorts, Limited (NASDAQ:WYNN) CEO Matt Maddox sold 20,000 shares of Wynn Resorts stock in a transaction dated Thursday, December 23rd. The stock was sold at an average price of $90.08, for a total value of $1,801,600.00. The transaction was disclosed in a filing with the SEC, which is available at this link...
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Regulatory Update Boosts Wynn Resorts (WYNN) Stock
By: Schaeffer's Investment Research | December 23, 2021
• Macau has not tightened regulations after a 45-day public gaming consultation
• WYNN is looking to finish the year on a positive note
Wynn Resorts, Limited (NASDAQ:WYNN) is up 2.7% to trade at $88.20 this morning, following a regulatory update. Other notable sector peers operating in Macau such as Las Vegas Sands (LVS) and MGM Resorts (MGM) are also seeing shares pop, after a 45-day public gaming consultation seemingly resulted in no additional regulations that could put a dent in profits.
The brokerage bunch is skeptical of WYNN, so an unwinding of pessimism among those covering the security could fuel additional gains. Of the nine analysts in question, five still carry a tepid "hold" rating. Meanwhile, the 12-month consensus target price of $105.77 is a 19% premium to the stock's current perch.
A broader look shows the options pits have been overwhelmingly bearish recently. This is per WYNN's Schaeffer's put/call open interest ratio (SOIR), which sits higher than 82% of readings in its annual range. This means near-term put open interest outweighs call open interest by a wider-than-usual margin. Should some of that pessimism begin to unwind, the shares could surge even higher.
Wynn Resorts stock hasn't fared well on the charts of late, succumbing to pressure at the 40-day moving average in late November, though today's positive price action has helped the equity reconquer the trendline. Looking to close out the year on a positive note, WYNN is pacing for its best monthly performance since February.
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Wynn Resorts Price Target Cut to $91.00 by Analysts at The Goldman Sachs Group
By: MarketBeat | December 15, 2021
• Wynn Resorts (NASDAQ:WYNN) had its price objective reduced by stock analysts at The Goldman Sachs Group from $102.00 to $91.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has a "neutral" rating on the casino operator's stock. The Goldman Sachs Group's target price points to a potential upside of 9.22% from the company's previous close...
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Wynn Resorts (WYNN) Given Average Rating of "Hold" by Brokerages
By: MarketBeat | December 8, 2021
• Shares of Wynn Resorts, Limited (NASDAQ:WYNN) have earned an average recommendation of "Hold" from the thirteen ratings firms that are currently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $112.80...
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took profits gl
Jefferies Financial Group Research Analysts Lower Earnings Estimates for Wynn Resorts
By: MarketBeat | November 15, 2021
• Wynn Resorts, Limited (NASDAQ:WYNN) - Analysts at Jefferies Financial Group lowered their Q4 2021 EPS estimates for shares of Wynn Resorts in a research report issued to clients and investors on Wednesday, November 10th. Jefferies Financial Group analyst D. Katz now forecasts that the casino operator will post earnings of ($0.89) per share for the quarter, down from their prior estimate of $0.06. Jefferies Financial Group also issued estimates for Wynn Resorts' Q1 2022 earnings at $0.01 EPS, Q2 2022 earnings at $0.61 EPS, Q3 2022 earnings at $0.29 EPS, Q4 2022 earnings at $0.65 EPS, FY2022 earnings at $1.56 EPS, Q3 2023 earnings at $0.98 EPS and FY2023 earnings at $4.42 EPS...
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Five Stocks I'm Watching Next Week
By: David Keller | November 19, 2021
Now we go outside of Communication Services for two stocks where Fibonacci retracements also are very much in play. Wynn Resorts (WYNN) is one of a number of gambling stocks that have shown signs of life in recent weeks.
WYNN topped out in March, similar to DIS, but has seen a more consistent downtrend from that point on. After bottoming out near the 61.8% retracement level in mid-September, the stock has pushed higher over the past two months. Now the stock has moved back above its 50-day moving average, but appears to have stalled just below the 38.2% Fibonacci level. This is now a range-bound chart with clear resistance in the $100-105 level, and clear support around $77-80.
Which way will the price break? Given the fact that the RSI remains in the bearish range below 60, I'd give the benefit of the doubt to the bear case. But I'll be watching those key levels to see where the next breakout occurs...
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Wynn Resorts, Limited (NASDAQ:WYNN) Receives Average Recommendation of "Hold" from Brokerages
By: MarketBeat | November 13, 2021
• Shares of Wynn Resorts, Limited (NASDAQ:WYNN) have received an average rating of "Hold" from the fourteen research firms that are covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have assigned a buy rating to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $108.36...
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Wynn Resorts (WYNN) Price Target Raised to $114.00
By: MarketBeat | November 10, 2021
• Wynn Resorts (NASDAQ:WYNN) had its price target lifted by stock analysts at Morgan Stanley from $107.00 to $114.00 in a note issued to investors on Wednesday, Briefing.com reports. The firm currently has an "overweight" rating on the casino operator's stock. Morgan Stanley's target price indicates a potential upside of 16.72% from the company's previous close...
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Wynn Resorts CEO Matt Maddox to step down in January
By: Reuters | November 9, 2021
Wynn Resorts Ltd Chief Executive Officer Matt Maddox will step down at the end of January and hand over the reins to executive Craig Billings, the casino operator said on Tuesday.
Billings, who joined Wynn Resorts as its finance chief in 2017, most recently served as the head of Wynn Interactive, the company's 72%-owned unit housing its U.S. online sports betting and gaming business.
Billings will also become a board member.
Maddox took the helm at Wynn in February 2018 after founder Steve Wynn resigned in the wake of sexual misconduct allegations.
"This has not been an easy decision. I am leaving a company that I love and that's full of people I admire," Maddox said.
"But I believe now is the right time for me and for the business."
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Wynn Resorts Ltd (WYNN)
96.65 ? 5.55 (6.09%)
Volume: 5,371,657 @11/05/21 7:58:44 PM EDT
Bid Ask Day's Range
96.5 140.0 93.5323 - 97.93
WYNN Detailed Quote
-$1.17 EPS Expected for Wynn Resorts, Limited (WYNN) This Quarter
By: MarketBeat | November 3, 2021
Analysts expect that Wynn Resorts, Limited (NASDAQ:WYNN) will announce earnings of ($1.17) per share for the current quarter, according to Zacks. Four analysts have provided estimates for Wynn Resorts' earnings. The highest EPS estimate is ($0.16) and the lowest is ($1.61). Wynn Resorts posted earnings per share of ($7.04) during the same quarter last year, which would indicate a positive year over year growth rate of 83.4%. The firm is scheduled to report its next earnings results on Thursday, November 4th...
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Morgan Stanley Cuts Wynn Resorts (WYNN) Price Target to $107.00
By: MarketBeat | October 20, 2021
Wynn Resorts (NASDAQ:WYNN) had its target price dropped by stock analysts at Morgan Stanley from $113.00 to $107.00 in a report released on Wednesday, The Fly reports. The brokerage presently has an "overweight" rating on the casino operator's stock. Morgan Stanley's price target would suggest a potential upside of 16.41% from the stock's current price...
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Wynn Resorts Ltd (WYNN)
80.81 ? 2.04 (2.59%)
Volume: 6,067,372 @09/22/21 7:59:25 PM EDT
Bid Ask Day's Range
81.25 81.5 79.1 - 81.97
WYNN Detailed Quote
Jim Chanos Takes Short Position in Wynn on Macao Turmoil
By: TheStreet | September 21, 2021
• 'For years we’ve said people are ignoring that the concessions expiring next year [in Macao for casinos such as Wynn] are at risk,' Chanos said.
Legendary short seller Jim Chanos said Monday that his Kynikos Associates firm has taken a short position against casino giant Wynn Resorts (WYNN).
The Chinese government has threatened stricter regulation for Wynn and other casinos with facilities on Macao. The licenses for these casinos expire within a year.
“For years we’ve said people are ignoring that the concessions expiring next year are at risk,” Chanos, who made his name shorting Enron prior to its 2001 bankruptcy, told CNBC.
“The law expires in June of next year and has to be re-written. … We think that the very lucrative Macao concession will be at best cut back and at worst cut back dramatically.”
Wynn on Monday closed at $82.11, down 1.4%. It has plunged 22% in the last week, following China’s regulatory threat.
“Wynn should be trading in the $40s right now,” Chanos said. “It’s one of the most expensive casino stocks out there.”
As for other analysts, Morgan Stanley’s Thomas Allen cut his price target on Wynn to $113 from $138 Monday, but kept his weighting at overweight.
The stock is "worth the risk,” he said. "Wynn benefits from incremental value from U.S. sports betting and its excess Las Vegas land."
Meanwhile, Chanos isn’t too keen on Chinese stocks either. “It’s the only major market, as I keep pointing out, for the past 12 years that’s gone down,” he said.
“And over that time frame the Chinese economy has more than doubled. This has been a terrible place to keep your money as a Western investor and I think it will continue to be.”
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Wynn Stock Slips; Jefferies Cuts Target Over Macau Policy
By: TheStreet | September 17, 2021
• Jefferies cut its price target on Wynn Resorts to $83 a share after the Macau government signaled a policy shift to tighter control.
Wynn Resorts (WYNN) shares slipped Friday after Jefferies analysts cut their price target on the casino operator.
The analysts said Wynn's primary earnings could be materially hurt if Macau's government tightens restrictions around gambling licenses.
Jefferies lowered its price target on Wynn to $83 a share from $104. Analysts David Katz, Cassandra Lee and Farshid Javar maintained their hold rating on the stock.
For full year 2023 analysts at Jefferies estimate a 24% dip in revenue from Macau.
Shares of the Las Vegas company at last check dropped 0.4% to $84.
The public statement by Macau government officials released on Wednesday, indicated a policy shift that "is likely most negative for VIP revenues, which accounted for roughly half of WYNN's Macau gaming revenue prepandemic," the note said.
On Wednesday, Macau government officials released a document outlining that regulators could revise rules for next year's auction of gambling licenses to possibly include government supervision of the companies' day-to-day operations.
Jefferies further attributed the cut in price target to the ongoing Covid overhang and Macau's zero tolerance toward coronavirus, which could lead to a choppy economic recovery.
Jefferies expects Wynn Resorts to generate $3.86 billion in overall revenue and $732.8 million in adjusted Ebitda.
The analysts also lowered their adjusted-Ebitda forecasts for fiscal 2022, to $1.44 billion, and fiscal 2023, to $1.55 billion.
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Wynn, Sands, Melco Shares Drop as JPMorgan Cuts to Neutral
By: TheStreet | September 16, 2021
• JPMorgan cut casino ratings to neutral from overweight because China decided to more tightly regulate on Macau.
Shares of Wynn Resorts (WYNN), Las Vegas Sands (LVS) and Melco Resorts & Entertainment (MLCO) fell Thursday after JPMorgan downgraded the casino operators to neutral.
JPMorgan analyst Joseph Greff lowered his ratings from overweight because of Wednesday’s news that China’s government will more tightly regulate the Macau casino business.
He cut his share-price targets to $89 for Wynn, $38 for Las Vegas Sands and $10 for Melco.
Wynn recently traded at $83.19, down 4%; Las Vegas Sands at $37.10, down 3%; and Melco at $10.13, down 2%.
“In short, we don’t like the uncertainty and opacity surrounding Macau and China policy, particularly after this announcement, and particularly at a time when the Macau government is encouraging (preferring/sort of requiring) further potential meaningful capex in Macau/Hengqin island as a consideration of a license renewal,” Graff wrote in a commentary cited by CNBC.
New regulations could hurt the casinos, even if they keep their licenses, Greff said.
“While it’s unclear how strictly the government would control their capital, we believe the hefty dividends of pre-Covid-19 days (especially those from LVS/WYNN) would likely get scrutinized if not restricted,” he wrote.
Morningstar analyst Dan Wasiolek also is concerned.
“We plan to adjust our cost of equity higher for narrow-moat Wynn (Macao was 76% of 2019 Ebitda) and Las Vegas Sands (59%), to account for an increased risk premium tied to increasing Chinese government oversight,” he wrote.
“As a result, we expect to lower our Wynn and Las Vegas Sands $114 and $59 fair value estimates by a high-single-digit percentage.”
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Wynn Resorts Stock: Buy the Dip if It Reclaims This Key Level
By: TheStreet | September 15, 2021
• Wynn Resorts is getting pummeled again. Is the selling near an exhaustion point? Let's look at the surprising long setup.
Wynn Resorts (WYNN) is under serious pressure, falling 11% on Tuesday and dropping another 11% at the lows on Wednesday morning.
The selling pressure is twofold. First, business remains at risk as Covid-19 remains a threat. And airline traffic has been falling, and if the trend continues, it’s only a matter of time before tourism-sensitive businesses take a hit.
It may be the start of the NFL and college football seasons, but Wynn and its Las Vegas peers may feel the pressure should COVID-19 cases continue to climb.
Case in point? MGM Resorts (MGM), Las Vegas Sands (LVS) and others have all been under pressure, too.
That said, Wynn is also hurt by its Macau unit, which is struggling. That’s as Covid-19 cases increase in the region and as increased government regulations continue to weigh on various businesses.
With all that said, there is a potential long setup in Wynn stock.
Trading Wynn Stock
Daily chart of Wynn stock.
Chart courtesy of TrendSpider.com
The struggles that Wynn has been facing aren’t a secret. At Wednesday’s low, the shares were down more than 20% in the past two days.
In early June, Wynn stock looked pretty good as it was trending higher, was above all of its major moving averages and was breaking out over downtrend resistance (blue line).
Then the shares puked in mid-August, bottoming at $87.52.
After a run back over $100, the stock is being slammed lower again, gapping below $87.52 on Wednesday.
Should Wynn stock reclaim this level, aggressive bulls will want to be long.
In that scenario, bulls can use Wednesday’s low as their stop-loss.
Back above $87.50 puts Tuesday’s low (and the gap-fill) in play at $89.25. Above $89.25 and we could see a push to some of Wynn’s short-term moving averages, followed by the $100 level and the 50-day moving average.
If the stock can’t reclaim $87.50 — or if it does but again loses this mark — Wednesday’s low will be vulnerable.
Should the selling pressure continue, we could see a dip down toward $70, which was very solid support in the third and fourth quarters of 2020.
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