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Short Interest in Wynn Resorts, Limited (WYNN) Grows By 28.6%
By: MarketBeat | March 2, 2023
• Wynn Resorts, Limited (NASDAQ:WYNN) was the recipient of a significant growth in short interest in February. As of February 15th, there was short interest totalling 7,100,000 shares, a growth of 28.6% from the January 31st total of 5,520,000 shares. Based on an average trading volume of 2,610,000 shares, the days-to-cover ratio is currently 2.7 days. Approximately 7.4% of the company's stock are short sold...
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Wynn Resorts Ltd. (WYNN) Like $MGM consolidating and holding the gap so far
By: Options Mike | February 20, 2023
• $WNN Like $MGM consolidating and holding the gap so far.
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Wynn Resorts (WYNN) earnings missed by $0.06, revenue topped estimates
By: Investing.com | February 8, 2023
Wynn Resorts (NASDAQ: WYNN) reported fourth quarter EPS of $-1.23, $0.06 worse than the analyst estimate of $-1.17. Revenue for the quarter came in at $1B versus the consensus estimate of $953.92M.
Wynn Resorts's stock price closed at $103.62. It is up 32.88% in the last 3 months and up 10.48% in the last 12 months.
Wynn Resorts saw 1 positive EPS revisions and 9 negative EPS revisions in the last 90 days. See Wynn Resorts's stock price’s past reactions to earnings here.
According to InvestingPro, Wynn Resorts's Financial Health score is "weak performance".
Check out Wynn Resorts's recent earnings performance, and Wynn Resorts's financials here.
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Allspring Global Investments Holdings LLC Grows Position in Wynn Resorts, Limited (WYNN)
By: MarketBeat | January 24, 2023
• Allspring Global Investments Holdings LLC raised its stake in shares of Wynn Resorts, Limited (NASDAQ:WYNN) by 48.7% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 9,478 shares of the casino operator's stock after buying an additional 3,102 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in Wynn Resorts were worth $597,000 at the end of the most recent quarter...
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Barclays PLC Grows Stock Position in Wynn Resorts, Limited (WYNN)
By: MarketBeat | January 22, 2023
• Barclays PLC lifted its stake in Wynn Resorts, Limited (NASDAQ:WYNN) by 383.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 542,150 shares of the casino operator's stock after buying an additional 430,030 shares during the period. Barclays PLC owned approximately 0.48% of Wynn Resorts worth $34,173,000 as of its most recent SEC filing...
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Wynn Resorts Ltd. (WYNN) Very nice flag @ the 100 level. Big level for it
By: Options Mike | January 22, 2023
• $WYNN very nice flag @ the 100 level. Big level for it. Over it 110 next resistance. $LVS this week.
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Wynn Resorts Shares Acquired by Prospera Financial Services Inc
By: MarketBeat | January 13, 2023
• Prospera Financial Services Inc lifted its position in shares of Wynn Resorts, Limited (NASDAQ:WYNN - Get Rating) by 203.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,487 shares of the casino operator's stock after purchasing an additional 3,006 shares during the quarter. Prospera Financial Services Inc's holdings in Wynn Resorts were worth $283,000 as of its most recent SEC filing...
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Wynn Resorts, Limited (WYNN) Given Average Recommendation of "Moderate Buy" by Brokerages
By: MarketBeat | January 12, 2023
• Wynn Resorts, Limited (NASDAQ:WYNN) has earned an average rating of "Moderate Buy" from the fourteen analysts that are covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have given a buy rating to the company. The average twelve-month target price among brokers that have covered the stock in the last year is $98.75...
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Wynn Resorts (WYNN) Sees Large Volume Increase on Analyst Upgrade
By: MarketBeat | January 4, 2023
• Wynn Resorts, Limited (NASDAQ:WYNN) saw strong trading volume on Wednesday after Bank of America raised their price target on the stock from $85.00 to $90.00. 147,869 shares traded hands during trading, a decline of 93% from the previous session's volume of 2,073,307 shares.The stock last traded at $90.36 and had previously closed at $85.61...
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This stock is a Wynn’er !!
Elevator going up, imho…..
“Sometimes it’s just too easy…… “
$$ WYNN $$
Wells Fargo upgrades Wynn and raises target; Catalysts should drive outperformance
By: Vlad Schepkov | January 3, 2023
Wells Fargo analysts cited major macro improvements across Wynn Resorts' (NASDAQ:WYNN) key business areas, as they upgraded the company to 'Overweight' from 'Equal Weight', raised their price target to $101 from $74, and named the stock to Wells Fargo's "Tactical Ideas list."
In their latest update on the renowned casino and hotel operator, the analysts listed the following as "key drivers of upgrade":
1. "WYNN has a viable path to recapturing most/all of its 2019 VIP EBITDA", noting this opportunity "is not reflected in the stock."
2. "WYNN is highly levered to Macau's GGR recovery, now more palpable post China’s policy pivot, and representing the best growth opportunity in Gaming."
3. "WYNN's smaller scale and premium mass offering should allow for a speedy recovery."
They said "company-specific catalysts", coupled with "undemanding valuation at 10x 2024E EV/EBITDA, a discount to its historical avg. 11x and 12-14x during periods of accelerating GGR growth" are expected to "drive stock outperformance during the quarter."
Shares of WYNN are gaining 2.5% on the first trading day of 2023, having stayed largely flat during 2022.
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2 Casino Stocks Enjoying Tailwinds After Upgrade
By: Schaeffer's Investment Research | January 3, 2023
• Wells Fargo upgraded WYNN to "overweight"
• Wells Fargo is bullish on WYNN as China looks to reopen its economy
Wells Fargo upgraded Wynn Resorts, Limited (NASDAQ:WYNN) to "overweight" from "equal weight" earlier, and hiked its price target to $101 from $74. The firm said China's economic reopening following strict Covid-19 restrictions could boost the equity, which was last seen up 3.5% at $85.37. Las Vegas Sands Corp. (NYSE:LVS) is also seeing tailwinds as investors become optimistic on casino stocks with Macau locations, up 3% at $49.50 at last check.
OPTIONS AFFORDABLY PRICED FOR WYNN
Prior to today's pop, the $80 area swooped in as a floor to contain the shares' early December pullback from the $89 region -- their highest level since March. The equity has added 41.7% in the last six moths, with support from the 40-day moving average emerging in November.
It's worth noting WYNN boasts attractively priced at the moment. This is per the stock's Schaeffer's Volatility Index (SVI) of 44%, which sits in the low 9th percentile of readings from the last 12 months.
LVS RIPE FOR SHORT SQUEEZE
Meanwhile, LVS is fresh off a Dec. 8, one-year high of $49.73. The $46 region has been supporting the shares for the last month, while its 30-day moving average has contained several pullbacks since November. In the last six months, the security has added 38.6%.
A short squeeze could provide additional tailwinds for Las Vegas Sands stock. Short interest is up 11.3% in the last two reporting periods, and the 18.27 million shares sold short make up 5.4% of LVS' available float.
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Barclays Boosts Wynn Resorts (WYNN) Price Target to $97.00
By: MarketBeat | December 15, 2022
• Wynn Resorts (NASDAQ:WYNN) had its target price hoisted by analysts at Barclays from $75.00 to $97.00 in a research note issued to investors on Thursday, The Fly reports. The firm presently has an "equal weight" rating on the casino operator's stock. Barclays's price target would suggest a potential upside of 12.37% from the stock's previous close...
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The good times are topping out for these casino stocks
By: Morningstar | December 14, 2022
For Penn, 'Barstool's momentum has returned to earth,' BofA analysts say
Consumer spending at casinos is slowing and visits are declining -- and Wall Street's forecasts for the industry haven't always been in line with those trends, BofA analysts said in a note on Wednesday.
As those trends settle in, analysts at the firm downgraded both Penn Entertainment Inc. and Caesars Entertainment Inc. to neutral from buy. They also lowered their price target on Caesars to $55 from $60, and reduced their price target on Penn to $40 from $45.
Both companies were also shouldering more financial burden than their rivals, and had "lackluster" presence in the digital gaming market, the BofA analysts said. Penn's momentum from Barstool Sports -- the sports, online-betting and pop-culture media company it plans to take over -- has "returned to earth," they said.
"We think growth momentum is leveling out, with more balanced risks heading into 1H23," the BofA analysts said. "Gaming, and esp. regionals, are the largest 'over-earners' vs. pre-COVID in our coverage, but unlike other areas in consumer discretionary, estimates have not yet come down, leaving potential risk should the consumer soften."
"CZR and PENN both skew to the higher risk side of our coverage, and we are taking a more defensive stance until the macro-outlook or valuations become more compelling," they continued.
Shares of Caesars (CZR) were down 2.7% on Wednesday. Penn (PENN) fell 1.9%.
Bank of America's data on credit and debit-card spending showed that spending growth rates dipped into negative territory this month, when compared with last year, putting that growth at its lowest levels so far this year. While spending on gaming has held up, it faces threats from rising prices, higher unemployment in the event of a recession, and thinner savings.
For Caesars specifically, the analysts noted that it absorbed gambling company William Hill in 2021, following the merger deal in 2020 between Caesars and Eldorado Resorts. But they said Ceasars' debt to EBITDA levels were the highest in the industry, and said competition could weigh on margins for its online gaming segment.
"Rising interest and rent, and a weak asset sale market have slowed deleveraging, and we believe it could take 3+ years to reach leverage levels that make consistent shareholder returns possible," the analysts said. "Given competition, it's unlikely we see online reach its margin potential in the next 1-2 years."
Penn, the analysts said, helped reshape its investment narrative -- and its investor audience -- after investing in Barstool Sports, via a 36% stake in 2020 and then a $387 million deal to take over Barstool that was announced this year.
"However, Barstool's momentum has returned to earth, with online (market) share at just the 3% level, and PENN is still working to grow its in-house digital capabilities and (re)-establish itself in the top tier of the landscape," the analysts said.
"2023 is likely about refocusing & re-accelerating growth via Barstool's media integration, the launch of its in-house technology stack, and minding minding a stable/cash-generative core business, albeit one with slow growth and meaningful operating leverage," they said.
Barstool has exploded in popularity since its founding nearly two decades ago. In recent years, it has banked more on sports betting, including via the launch of its Barstool Sportsbook app. But the company has faced accusations of cultivating workplace misogyny. Its founder, Dave Portnoy, has been accused of sexual misconduct -- allegations he has vehemently denied.
Caesars stock has slid 45% year-to-date, and Penn is down 34% over that time. By comparison, the S&P 500 Index has fallen 15% year-to-date.
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Wynn Resorts (WYNN) Price Target Raised to $109.00
By: My MarketBeat | December 7, 2022
• Wynn Resorts (NASDAQ:WYNN - Get Rating) had its target price upped by stock analysts at Stifel Nicolaus from $85.00 to $109.00 in a research report issued to clients and investors on Wednesday, The Fly reports. Stifel Nicolaus' target price suggests a potential upside of 27.62% from the company's current price...
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Wynn Resorts Ltd. (WYNN) Great Macau play, again make sure the 8D holds
By: Options Mike | December 10, 2022
• $WYNN Great Macau play, again make sure the 8D holds.
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Short Interest in Wynn Resorts, Limited (WYNN) Declines By 22.8%
By: MarketBeat | December 1, 2022
• Wynn Resorts, Limited (NASDAQ:WYNN - Get Rating) saw a significant decrease in short interest in the month of November. As of November 15th, there was short interest totalling 6,900,000 shares, a decrease of 22.8% from the October 31st total of 8,940,000 shares. Currently, 7.2% of the company's stock are sold short. Based on an average daily trading volume, of 3,930,000 shares, the short-interest ratio is presently 1.8 days...
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Unusual Options Volume May Bode Well For Wynn Resorts (WYNN)
By: Barchart | November 28, 2022
When the initial disruption of the COVID-19 pandemic capsized the global economy, Wynn Resorts (WYNN) and its ilk were among the companies bearing the brunt of the damage. With government agencies curbing non-essential activities, Wynn’s management could do little besides hope for the best. While WYNN stock remains far from being out of the woods, unusual trading activity may bode well for the underlying business.
On a year-to-date basis, WYNN stock gave up 14.6% of equity value, which is slightly better than the performance of the S&P 500 index. However, Wynn shares’ near-term performance massively outranks the equities benchmark. In the trailing month, WYNN gained 28.5%. In contrast, the S&P 500 rose a little over 3% during the same period.
Naturally, much of the enthusiasm toward WYNN stock centers on the issuing company’s third-quarter earnings report. According to Zacks Equity Research, the resorts and casinos operator posted an adjusted loss of $1.20 per share, which ran in line with Wall Street’s consensus target. In the prior year, the company posted an adjusted loss of $1.24 per share.
On the revenue front, Wynn delivered $889.7 million, surpassing the consensus target of $852 million. Unfortunately, this sales tally slipped 10.5% on a year-over-year basis. As Zacks mentioned, “[t]he downside was mainly due to the dismal performance of Wynn Palace and Wynn Macau.”
While problematic, these properties are of course tied to Wynn’s Macau market footprint, which must abide by China’s draconian zero-COVID policy. Further, with Beijing recently expanding lockdowns after a period of appearing to relax certain protocols, the earlier rise of WYNN stock from the Q3 sentiment lift appears to court trouble.
Nevertheless, it may be worthwhile for investors to keep this casino operator on their radar.
Options Volume Lights Up for WYNN Stock
Following the close of the Nov. 25 session, WYNN stock represented one of the top listings for unusual stock options volume. Per Barchart.com, this metric “shows the difference between the current volume and the average volume over the past month, highlighting unusual activity.”
For WYNN stock, the one-month percentage change in volume came out to 85.27%. Call volume came out to 35,362 contracts while put volume registered as 44,003. To be clear, for last Friday’s session, the put/call open interest ratio stood at 1.07. Typically, the delineation between bullish and bearish sentiment is 0.70, with figures higher than this threshold reflecting traders acquiring more puts than calls.
Certainly, any rise in bearish activity toward WYNN stock is understandable. Again, with China resuming its draconian zero-COVID policy, the narrative for Wynn Resorts weakens considerably. As well, there’s a contrarian argument to be made about WYNN’s technical performance. While technical indicators suggest it’s a buy, the fundamentals (i.e. the COVID headwind) implies that the near-term trajectory could be bearish.
Still, those with a patient outlook could be rewarded by betting on WYNN stock for the long haul. For example, three months ago, analysts rated shares as a “moderate buy,” breaking down as three strong buys and six holds. Though the current month’s assessment remains the same, the break down pivoted slightly better to four strong buys and five holds.
A Matter of Gambling Culture
Moving forward, one critical factor to keep in mind about WYNN stock centers on the east/west gambling culture divide. In Wynn’s Las Vegas operations, casinos represent one of the lowest contributors toward total operating revenue. In Q3 of this year, casino sales amounted to 24.7% of the total. In the year-ago quarter, the allocation was 23.7%.
On the other end, it’s almost the opposite situation with Wynn Macau. In Q3 2022, casino revenue represented 56.6% of the total. In the year-ago quarter, this metric was 75.2%. Put another way, once circumstances in Macau (and China more broadly) normalize, casino-related revenues can once again decisively take pole position.
Further, this eventual normalization is crucial for WYNN stock because casino operations allow the underlying company to generate multiple sales events per unit of time relative to other segments. For instance, a dealer can make a killing at the blackjack table, which ultimately pads Wynn’s bottom line through a compounding effect.
However, segments such as rooms and food and beverage represent “fixed” revenue channels. One room can only be allocated to one guest per night. Also, a specific lobster can only be served the one time.
For now, nearer-term pressures dictate that traders hinge more toward the bearish side of the equation. But eventually, the longer-term thesis appears more beneficial for those bullish on WYNN stock.
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Wynn Resorts and Melco Resorts upgraded on Macau recovery and improving sentiment
By: Investing.com | November 28, 2022
• JPMorgan upgraded shares of Wynn Resorts Ltd. (NASDAQ:WYNN)) and Melco Resorts & Entertainment (NASDAQ:MLCO)) to Overweight from Neutral in a note Monday.
JPMorgan analysts told investors in a broad note covering the gaming sector that fundamentals were – and have been – generally sound, "even encouraging, particularly on the Las Vegas Strip and in the LV Locals market."
The firm's reason for the upgrade is based on Macau recovering, still awful/skeptical sentiment improving, and after multi-year underperformance since the pandemic bottom, underperformance reversing, leading to sizable outperformance."
"We don't see these stocks as being well-owned and the shareholder lists for these companies today looks totally different than pre-pandemic," stated the analysts.
They see WYNN as the mid-cap way to play the recovery and MLCO as the small-cap way.
"For WYNN, our year-end 2023 price target is $91, based on a SOTP approach to 2024E EV/EBITDA, ascribing 12.0x to Macau, 11.0x to Las Vegas, and ascribing 7.0x to Encore Boston EV/EBITDAR. We deduct net debt and capitalized lease obligation associate to EBH and give credit for Wynn's Las Vegas Land parcel. We estimate that WYNN's domestic business comprises $63 of our $91 price target. At current levels, WYNN trades at 11.1x 2024E EV/EBITDA, a discount to its historical average 13.8x forward year EV/EBITDA," the analysts continued.
"For MLCO, our year-end 2023 price target is $10, based on a SOTP approach to 2024E EV/EBITDA, ascribing 12.5x to City of Dreams Macau, 12.5x to Studio City (at MLCO's 54.5% share), 8x to Altira, 10x to Mocha Clubs and Cyprus, and 10x to Manilla. We estimate that its Macau business can trade at 12x 2024E EV/EBITDA. At current levels, MLCO trades at 8.4x 2024E EV/EBITDA, which compares to its historical average 11.0x forward year EV/EBITDA."
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this needs to cool off a bit
Wynn Resorts Ltd. (WYNN) Nice break out, extended here..
By: Options Mike | November 13, 2022
• $WYNN Nice break out, extended here.. let the 8D catch up
82 next big resistance.
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Wynn resorts to open Gulf Arab's first casino at Ras Al Khaimah resort
By: Investing.com | November 10, 2022
DUBAI (Reuters) - Hotel and casino operator Wynn Resorts (NASDAQ:WYNN) will open a casino at the luxury resort it is building in the United Arab Emirates (UAE), Chief Executive Craig Scott Billings said, a first for the Gulf Arab region, where gambling has long been off-limits.
The casino would mark a watershed moment for the Gulf, a region that has traditionally imposed stricter Islamic rules than other parts of the Middle East.
The prospect of a new casino comes against the backdrop of intense competition in the Gulf, with business and tourism hub UAE vying with rapidly-opening Saudi Arabia to become the go-to destination in a region diversifying its oil-dependent economy.
Ras Al Khaimah emirate and Wynn announced in January that the resort was licensed for gaming without specifying gambling, sparking renewed talk of casinos being introduced in other UAE emirates such as regional tourism hub Dubai.
Billings confirmed the casino, set for completion in 2026 on a man-made island off the coast of Ras Al Khaimah, in an earnings call on Wednesday.
"The casino component, where at least for some period of time, we will be operating on our own, which makes it quite exciting, is shaping up to be somewhat larger than Wynn Las Vegas", he said.
"When you think about a market like that where you're -- where you, for some period of time, will be the only operator, you certainly don't want to underbuild the casino, but you want to maintain that sense of energy," he added.
Ras Al Khaimah is one of the smaller and lesser-known of the seven UAE emirates. In regional business centre Dubai, Caesars (NASDAQ:CZR) Palace currently has a resort without a casino and MGM Resorts (NYSE:MGM) International is building a resort.
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Thank you China for the re opening rumor my calls are Ripping with ridiculous 7.7% inflation news...weeeeeeeeeee!!!!
Wynn Resorts reports wider q3 loss as covid lockdowns in Macau bite
By: Investing.com | November 9, 2022
Wynn Resorts reported Wednesday a bigger third-quarter loss than expected as Covid-19 restrictions in the gambling mecca of Macau weighed on performance.
Wynn Resorts (NASDAQ:WYNN) fell more than 3% in afterhours trading.
The gambling operator reported an adjusted loss of $1.20 a share on revenue of $889.7 million, compared with estimates for a loss of $1.13 a share on revenue of $875.2M.
The wider loss was driven by Covid-19 restrictions that forced the company's casino operations at Wynn Palace and Wynn Macau (OTC:WYNMF) to close for a 12-day period in July 2022.
"The results of operations of our Macau Operations for the third quarter of 2022 continued to be negatively impacted by certain travel-related restrictions and conditions, including COVID-19 testing and other mitigation procedures, related to the COVID-19 pandemic," the company said.
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Earnings Preview: Wynn Resorts Ltd. (NASDAQ: WYNN)
By: 24/7 Wall St. | November 8, 2022
• Here is a preview of three companies set to report quarterly results before U.S. markets close on Wednesday.
Wynn Resorts
Shares of casino operator Wynn Resorts Ltd. (NASDAQ: WYNN) have dropped nearly 24% over the past 12 months. The better news is it could have been worse. In the first five weeks of the current quarter, shares have risen by nearly 15% as a result of two pieces of good news.
First, billionaire investor Tilman Fertitta revealed a 6% stake in the company. The second bit of good news arrived Monday, following a report that China finally may give up its zero-covid policy and loosen its strict lockdowns. There may be less there than meets the eye, but investors would like to have some good news from China, and they are hoping this is it.
Of 14 analysts covering the stock, half have a Buy or Strong Buy rating and the rest rate the shares at Hold. At a price of around $72.30 a share, the upside potential to the median price target of $77.00 is 6.5%. At the high target of $117.00, the upside potential is 61.8%.
Third-quarter revenue is expected to reach $867.42 million, up 4.6% sequentially but 12.8% lower year over year. The consensus estimate calls for a loss per share of $1.01, compared to a loss per share of $0.82 in the prior quarter and better than a loss of $1.24 per share in the year-ago quarter. For the full year, analysts now expect Wynn to post a loss per share of $3.74, much better than the year-ago loss of $6.12. Revenue is expected to rise by around 1.7% to $3.83 billion.
Wynn stock trades at 152.0 times estimated 2023 earnings of $0.48 and 25.5 times estimated 2024 earnings of $2.84 per share. The stock’s 52-week range is $3.00 to $7.13. The company does not pay a dividend. Total shareholder return for the past year was negative 23.8%.
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Traders Purchase High Volume of Call Options on Wynn Resorts
By: MarketBeat | October 31, 2022
• Wynn Resorts, Limited (NASDAQ:WYNN - Get Rating) was the recipient of some unusual options trading on Monday. Stock investors bought 37,886 call options on the company. This represents an increase of approximately 83% compared to the average volume of 20,749 call options...
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2 Rumors Buzzing Around Wall Street Today
By: Investing.com | October 31, 2022
Stocks edged lower on Monday but finished the month sharply higher, with the Dow rising 14% in October. Amid today's downside action, several rumors drove trading action in select stocks. Below we highlighted a couple:
After selling off 18% on Friday following weak results, Edwards Lifesciences (NYSE:EW) gained over 2% on Monday on vague trading floor rumors Johnson & Johnson (NYSE:JNJ) could again be looking at the company amid the drop. Nothing appears imminent.
Wynn Resorts Ltd (NASDAQ:WYNN) gained 10% after billionaire Tilman Fertitta disclosed owning a 6.1% stake in the casino operator. There is speculation Fertitta may attempt to merge his casino assets with Wynn, which he tried unsuccessfully to do with Caesars Entertainment (NASDAQ:CZR) in 2018.
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Wynn Resorts, Limited (WYNN) Given Consensus Rating of "Moderate Buy" by Brokerages
By: MarketBeat | October 29, 2022
• Shares of Wynn Resorts, Limited (NASDAQ:WYNN - Get Rating) have earned a consensus rating of "Moderate Buy" from the fifteen analysts that are currently covering the company, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, five have given a hold recommendation and eight have issued a buy recommendation on the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $98.00...
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Wynn Resorts Price Target Cut to $70.00 by Analysts at Barclays
By: MarketBeat | October 17, 2022
• Wynn Resorts (NASDAQ:WYNN - Get Rating) had its price objective lowered by analysts at Barclays from $71.00 to $70.00 in a research note issued to investors on Monday, The Fly reports. Barclays's price target would indicate a potential upside of 24.22% from the stock's current price...
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Made a killing this week on puts here
Bears Bet Heavily Against Wynn Resorts (WYNN) But Could It Be A Trap?
By: Barchart | October 13, 2022
From almost every angle, the case involving Wynn Resorts (WYNN) appears overwhelmingly bearish. With fears steadily rising about a global economic slowdown along with geopolitical rumblings, circumstances don’t favor WYNN stock. Not surprisingly, pessimistic traders smelled blood in the water, heavily betting against the casino and resorts play recently. However, these bearish traders could be overlooking one critical catalyst.
First, let’s get the bad news out of the way. Throughout this year, WYNN stock has not looked like the promising investment it once was several years ago. Since the January opener, shares gave up more than 33% of equity value. In comparison, the benchmark S&P 500 index – no outperformer by any stretch of the imagination – lost over 25% of value during the same period.
Fundamentally, consumer sentiment imposes significant challenges on WYNN stock. On the U.S. side of the equation, millions of households struggled against the onerous weight of skyrocketing inflation. Naturally, the expansion of the money supply eroded the purchasing power of every issued dollar, negatively impacting discretionary purchases.
For Wynn’s Macau business, weak data from China’s manufacturing sector implied greater challenges for the nation’s economy. As well, these headwinds could easily spill over regionally thanks to China’s status as the world’s number two economy.
On top of it all, the entire planet may face a significant recession. Certainly, the surge in hydrocarbon energy prices – both from the OPEC+ cuts and Russia’s shuttering of energy outflows to Europe – don’t help matters. And while the Federal Reserve and other central banks seek to implement hawkish policies to drive down inflation, this action can also lead to the very recession that seemingly everyone’s talking about.
Under these global circumstances, WYNN stock seems like such a small and unimportant market idea. Therefore, it’s perhaps not surprising that bearish traders targeted the underlying business.
WYNN Stock Suffers from Bearish Pressures
Following the ringing of the closing bell on Oct. 12, WYNN stock became one of the talking points regarding unusual options activity. To be fair, it didn’t generate anywhere close to the most unusual pricing dynamics. Nevertheless, given the massive headwinds, it’s not hard to figure out that many traders succumbed to the temptation.
Specifically, traders moved in on the $27.50 puts with an expiration date of Jan. 19, 2024. From the time the orders were placed, market participants have 463 days until their options expire worthless. Volume reached 2,000 contracts against an open interest reading of 177.
What’s distinct about the above trade is its underlying aggression. Conspicuously, WYNN stock closed at $58.71 in the open market. Therefore, shares must decline 53.16% for the puts to be at the money. Based on the time to expiry, anything is possible. Still, that’s a bold bet because if anything, the bulls can make the argument that most of the ugliness has already been priced in.
Further, the bid-ask spread as represented by the midpoint price ($2.58) came out to 7.36%. Granted, it’s not the narrowest spread but given the timeframe, it might be reasonable. Wider spreads generally indicate lower levels of liquidity. As well, market makers give themselves some safety margin for difficult-to-place transactions.
Not too much of a shocker, data from Barchart.com indicates that the put/call open interest ratio for WYNN stock presently stands at 0.94. Typically, the delineation point between bullish and bearish sentiment is 0.70, with figures higher than this threshold signifying bearish sentiment (i.e. traders are buying more puts than calls).
A Matter of Culture
Although arguably most financial and fundamental metrics indicate that WYNN stock is a sell – hence, the bearish activity in the options market – pessimistic traders could be overlooking the cultural element associated with the underlying company. More directly, Wynn’s consumer behaviors between its Las Vegas and Macau units are radically different. And this difference could be key in whether or not the aforementioned puts end up in the money.
The devil is in the details, specifically Wynn’s second quarter of 2022 earnings report. For the Las Vegas operations, Wynn reported $561 million in revenue. Of this tally, $135.3 million or 24% came from the casino subsegment. In other words, gambling activities represent a secondary concern for Wynn’s Vegas patrons.
On the other hand, in the Macau unit’s operations, the company generated revenue of $58.6 million. From this tally, a staggering $40 million (or 68%) stemmed from the casino subsegment. In other words, the Macau patrons go to Wynn to mostly gamble. Everything else is a sideshow.
That’s significant because games of chance offer multiple revenue streams per unit of time. For instance, if patrons attend a fancy dinner at Wynn, they can only eat one meal per session. However, gamblers can gamble several times per session (say per one hour) depending on the nature of the game and the size of the associated participant’s wallet.
At scale, for any casino outfit, it’s far better to have more of the revenue stream stemming from gambling units. That way, casino operators enjoy a revenue add-on effect that’s either extremely difficult or impossible to replicate in other business units.
Rolling the Dice
The above is not to say that WYNN stock is guaranteed to move higher. It can very well fall into the abyss. But because casino operators are generally weighing their Asia market businesses more heavily, the distinct nature of eastern gamblers to western gamblers may play a significant role. Therefore, the WYNN bears are likely taking an unusually high risk.
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Wynn Resorts, Limited (WYNN) Given Consensus Recommendation of "Moderate Buy" by Brokerages
By: MarketBeat | October 4, 2022
• Wynn Resorts, Limited (NASDAQ:WYNN - Get Rating) has earned a consensus rating of "Moderate Buy" from the fifteen research firms that are presently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and eight have assigned a buy rating to the company. The average 12 month price target among brokers that have covered the stock in the last year is $98.08...
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Analyst: Wynn Resorts (WYNN) Stock Could Outperform Peers
By: Schaeffer's Investment Research | September 15, 2022
• Credit Suisse upgraded WYNN to "outperform" from "neutral"
• Year-over-year, WYNN is still down more than 34%
Wynn Resorts, Limited (NASDAQ:WYNN) is up 3.3% to trade at $62.72 this morning, after Credit Suisse upgraded the security to "outperform" from "neutral." The brokerage noted the casino concern could outperform its peers thanks to its "compelling" growth potential, with the expansion of its Las Vegas convention center serving as a margin driver while hotel occupancy rates rise.
Coming into today, six of the nine analysts covering WYNN called it a "hold," while three said "strong buy." This leaves ample room for more upgrades to roll in. Short sellers, meanwhile, are hitting the exits, though the 6.83 million shares sold short still make up 6.6% of the stock's available float.
At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), Wynn Resorts stock has a 50-day call/put volume ratio of 2.28, which ranks higher than 71% of readings from the past year. This suggests long calls have been getting picked up at a much faster-than-usual clip in the last 10 weeks.
Digging deeper, the security has been testing a floor at the $58 level so far this month, after the $70 level rejected its mid-August rally. The 120-day moving average is still pressuring the shares lower, and year-over-year WYNN remains down 34.2%.
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WYNN Given Average Rating of "Hold" by Brokerages
By: MarketBeat | September 9, 2022
• Wynn Resorts, Limited (NASDAQ:WYNN - Get Rating) has received a consensus recommendation of "Hold" from the fifteen analysts that are covering the company, Marketbeat reports. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating on the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $96.88...
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Wynn Resorts Ltd. (WYNN) I remain cautious and avoiding casino's until China comes up with a better solution
By: Options Mike | August 28, 2022
• $WYNN I remain cautious and avoiding casino's until China comes up with a better solution than locking down huge chunks of the country
50D in play on this one.
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Short Interest in Wynn Resorts, Limited (WYNN) Decreases By 32.4%
By: MarketBeat | August 27, 2022
• Wynn Resorts, Limited (NASDAQ:WYNN - Get Rating) was the target of a significant drop in short interest in the month of August. As of August 15th, there was short interest totalling 6,480,000 shares, a drop of 32.4% from the July 31st total of 9,590,000 shares. Currently, 6.3% of the company's shares are sold short. Based on an average daily volume of 2,860,000 shares, the short-interest ratio is currently 2.3 days...
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The 2 Worst Stocks to Sell During Economic Turmoil
By: Stock News | August 16, 2022
• WYNN – The stock market remains highly volatile, with inflation still hovering near a 40-year high and the Fed’s consecutive rate hikes to combat it. Moreover, the rising tension between China and Taiwan is adding to the geopolitical issues. Given the uncertainties ahead, it might be best to avoid fundamentally bleak stocks, Wynn Resorts (WYNN) and Boot Barn Holdings (BOOT).
The stock market has witnessed its worst first half in over 50 years in 2022 due to the Russia-Ukraine war, the multi-decade high inflation, and the Fed’s interest rate hikes to tame the rising prices. On the other hand, the conflict brewing between China and Taiwan could worsen the geopolitical crisis.
Additionally, a resilient job market could prompt the Fed to go ahead with another steep interest rate hike to thwart inflation, tempering recession fears. Moreover, Federal Reserve Chairman Jerome Powell has raised the possibility of a third-straight 0.75-percentage point rate hike. “Another unusually large increase could be appropriate” at the September meeting, he said.
Given the uncertain macro environment, we think it could be best to avoid fundamentally weak stocks Wynn Resorts, Limited (WYNN) and Boot Barn Holdings, Inc. (BOOT).
Wynn Resorts, Limited (WYNN)
WYNN designs, develops, and operates integrated resorts through its Wynn Palace, Wynn Macau, and Las Vegas Operations segments.
For the fiscal second quarter ended June 30, 2022, WYNN’s total operating revenues decreased 8.2% year-over-year to $908.83 million. Net loss increased 23.1% from the prior-year quarter to $213.42 million, while operating loss came in at $52.03 million, up 76.2% year-over-year. Net loss per share came in at $1.14.
The consensus revenue estimate of $870.69 million for the fiscal first quarter ending September 2022 indicates a 12.5% year-over-year decline. Analysts expect its EPS to come in at a negative $1.09 in the same period. The company also missed the consensus EPS estimates in all the trailing four quarters.
In terms of its forward Price/Sales, WYNN is currently trading at 1.98x, 98.1% higher than the industry average of 1x. Its forward EV/Sales multiple of 4.35 is 257.8% higher than the industry average of 1.22.
The stock has declined 30.3% over the past nine months to close the last trading session at $68.33.
WYNN’s POWR Ratings reflect this bleak outlook. The stock has an overall rating of D, equating to Sell in our proprietary rating system. The POWR Ratings are calculated by considering 118 different factors, with each factor weighted to an optimal degree.
WYNN has a Value, Sentiment, and Stability grade of D. In the 29-stock, D-rated Entertainment – Casinos/Gambling industry, it is ranked #23.
Click here to see the additional POWR Ratings for WYNN (Growth, Momentum, and Quality).
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Wynn Resorts (WYNN) Price Target Cut to $77.00
By: MarketBeat | August 10, 2022
• Wynn Resorts (NASDAQ:WYNN - Get Rating) had its target price reduced by equities researchers at Wells Fargo & Company from $79.00 to $77.00 in a research note issued on Thursday, Benzinga reports. The firm currently has an "equal weight" rating on the casino operator's stock. Wells Fargo & Company's price objective suggests a potential upside of 17.83% from the stock's current price...
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Wynn Resorts Q2 Revenue Misses Estimates, Shares Drop In After Hours Trading
By: Investing.com | August 9, 2022
Wynn Resorts Ltd (NASDAQ:WYNN) shares traded more than 2% lower after-hours following the company’s reported Q2 results.
While EPS of ($0.82) came in better than the consensus of ($1.11), the revenue of $908.8 million missed the consensus estimate of $980.85 million.
Q2/22 operating revenues increased $206.0 million and $44.9 million at Las Vegas Operations and Encore Boston Harbor, respectively, and decreased $211.7 million and $125.4 million at Wynn Palace and Wynn Macau (OTC:WYNMF), respectively, from Q2/21.
According to Craig Billings, CEO of Wynn Resorts, the company achieved an all-time quarterly record for adjusted Property EBITDA at Wynn Las Vegas and a Q2 record at Encore Boston Harbor due to the teams' ongoing focus on five-star hospitality and new experiences at their market-leading properties combined with very strong customer demand.
"In Macau, while COVID-related travel restrictions continued to impact our results, we remain confident that the market will benefit from the return of visitation over time," added Billings.
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Wynn Resorts (WYNN) 64 Break still on watch, earnings coming for this one..
By: Options Mike | July 31, 2022
• $WYNN 64 Break still on watch, earnings coming for this one..
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$WYNN Macau announced lock downs for next few weeks, bad for the casinos avoiding for the short term
By: Options Mike | July 9, 2022
• $WYNN Macau announced lock downs for next few weeks, bad for the casinos avoiding for the short term.
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Wynn Resorts (WYNN) Price Target Cut to $87.50 by Analysts at Citigroup
By: MarketBeat | July 5, 2022
• Wynn Resorts (NASDAQ:WYNN - Get Rating) had its price target dropped by stock analysts at Citigroup from $92.00 to $87.50 in a research note issued to investors on Tuesday, The Fly reports. Citigroup's price objective suggests a potential upside of 50.40% from the company's current price...
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Wynn Resorts (WYNN) Macau Numbers were horrific. Locked down not good, hard to like the Casino's until China changes policies...
By: Options Mike | July 4, 2022
• $WYNN Macau Numbers were horrific. Locked down not good, hard to like the Casino's until China changes policies...
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Wynn Resorts, Limited (WYNN) Short Interest Up 39.0% in June
By: MarketBeat | July 2, 2022
• Wynn Resorts, Limited (NASDAQ:WYNN - Get Rating) was the recipient of a significant growth in short interest in June. As of June 15th, there was short interest totalling 9,450,000 shares, a growth of 39.0% from the May 31st total of 6,800,000 shares. Approximately 10.2% of the company's shares are sold short. Based on an average daily volume of 3,120,000 shares, the days-to-cover ratio is currently 3.0 days...
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Wynn Resorts (WYNN) Coverage Initiated by Analysts at Barclays
By: MarketBeat | June 28, 2022
• Equities researchers at Barclays initiated coverage on shares of Wynn Resorts (NASDAQ:WYNN - Get Rating) in a note issued to investors on Tuesday, The Fly reports. The brokerage set an "equal weight" rating on the casino operator's stock...
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Wynn Tops BofA List of US Stocks with China Exposure
By: TheStreet | June 29, 2022
• Wynn Tops BofA List of US Stocks with China Exposure
There is plenty to worry about if you’re investing in China -- from deteriorating relations with the U.S., to supply-chain turmoil, to slowing economic growth.
Bank of America strategists raise another point. “Russia's invasion of Ukraine may have increased the risk of a potential China-Taiwan conflict,” they wrote in a commentary.
“China-Taiwan poses a much bigger threat to the S&P 500 and global economy, given Taiwan's role in supplying over 90% of the world's advanced semiconductors.”
So BofA formed a list of the S&P 500 companies with the highest sales exposure to China.
Here are the top 10 on the list.
1. Wynn Resorts (WYNN), a casino company. Revenue exposure to China: 70%...
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Nice 11% pop today
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Remark Holdings Inc | 2 Q | MARK | -86.17 % | -85.28 % | - |
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http://www.wynnlasvegas.com/Casino
The elegant casino areas at Wynn and Encore were designed to anticipate your every desire.
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