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Friday, June 07, 2019 4:12:42 PM
By: Motley Fool | June 6, 2019
Not all is well in the world of gaming.
What happened
Shares of Wynn Resorts (NASDAQ:WYNN) dropped 25.7% in May, according to data provided by S&P Global Market Intelligence, as results for the first quarter failed to impress investors. It also didn't help that Macau's gaming regulator reported underwhelming results as well.
So what
Wynn's Q1 report showed revenue was down 3.7% to $1.65 billion, and property EBITDA, which is a proxy for cash flow, dropped 12.3% to $494.8 million.
In early May, Macau's gaming regulator also announced that April gaming revenue dropped 8.3% from a year before, which sparked concerns of a slowdown. May's results were better, rising 1.8% from last year, but gaming revenue is down 1.6% so far in 2019.
It also didn't help that the market overall fell as investors worried about trade wars and the economy. Vacation and gaming spending are among the first expenses to go in a recession, so Wynn's stock is taking the brunt of the decline.
Now what
There wasn't any fundamental reason to bail on Wynn Resorts in May, and this may be a good buying opportunity for investors. The company got the go-ahead to open its Boston-area resort this summer, which will diversify the business and increase cash flow. And despite its struggles in 2019, Macau continues to be a cash cow for Wynn, with EBITDA of nearly $400 million in the first quarter alone. Wynn Resorts is still positioned well in the best gaming markets in the world, and that's worth buying into, even if there are ups and downs.
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• DiscoverGold
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Your Due Dilegence is a must!
• DiscoverGold
Recent WYNN News
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 09/18/2024 12:07:39 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/16/2024 09:20:11 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 09/16/2024 08:24:12 PM
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- Form 8-K - Current report • Edgar (US Regulatory) • 09/10/2024 08:06:08 PM
- Wynn Resorts Announces Pricing of Private Offering of $800 Million Aggregate Principal Amount of Wynn Resorts Finance 6.250% Senior Notes due 2033 • Business Wire • 09/10/2024 08:02:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/10/2024 12:05:50 PM
- Wynn Resorts Announces Private Offering of $800 Million of Wynn Resorts Finance Senior Notes Due 2033 • Business Wire • 09/10/2024 11:53:00 AM
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