Followers | 689 |
Posts | 143817 |
Boards Moderated | 35 |
Alias Born | 03/10/2004 |
Friday, October 16, 2020 2:26:51 PM
By: TheStreet | October 16, 2020
• Jefferies sees a “more protracted rebound in Macau" and downgraded casino operator Wynn Resorts.
Wynn Resorts (WYNN) was downgraded by Jefferies analyst David Katz to hold from buy amid his concern about Wynn’s business in Macau.
He slashed his share-price target to $81 from $111.
Macau accounted for 76% of Wynn’s earnings before interest, taxes, depreciation and amortization in 2019, according to Morningstar analyst Dan Wasiolek
Katz now sees a “more protracted rebound in Macau,” he wrote in a commentary cited by Bloomberg.
“In Macau, the results are evident, while the reasons for it and its likely duration are less clear,” Katz said. Macau’s gross gaming revenue sank 93% in the third quarter, according to Macau’s Gaming Inspection and Coordination Bureau.
“Continued [Individual Visa Scheme] complexity, which is limiting access, and the junket liquidity pressures” present continuing problems, he said.
Katz lowered his earnings estimates to reflect “a more gradual recovery trajectory through 2022.”
The company will likely garner gross gaming revenue of $1.8 billion in the fourth quarter, compared to his previous forecast of $7 billion.
Leverage also is a problem and will “limit growth and returns vs. peers” for Wynn, Katz said.
In August Morningstar’s Wasiolek offered some positive commentary regarding Wynn.
“While covid-19 presents near-term risk to industry demand and financial health, we view Wynn Resorts as a high-end iconic brand that is well positioned to participate in the attractive long-term growth opportunity of Macau.
“We see solid long-term visitation and gaming growth for the gaming enclave, aided over the next several years [by] key infrastructure projects.”
Wasiolek put the stock’s fair value at $110.
Wynn recently traded at $71.42, down 1.8%. The stock has slumped 48% year to date.
Read Full Story »»»
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. Caveat emptor!
• DiscoverGold
Recent WYNN News
- Form 8-K - Current report • Edgar (US Regulatory) • 09/23/2024 08:05:42 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/20/2024 08:31:03 PM
- 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
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 09/14/2024 12:00:16 AM
- 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
- Dell, Palantir, and Erie Will Be Added to the S&P 500; Boeing Avoids Strike; Apple Event Takes Place Today • IH Market News • 09/09/2024 10:05:35 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/06/2024 09:25:26 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/03/2024 08:06:23 PM
- Big Lots Falls 27%, Considers Bankruptcy; DraftKings Acquires Simplebet, Berkshire Hits $1 Trillion • IH Market News • 08/29/2024 10:06:50 AM
- RELATED COMPANIES AND WYNN RESORTS UNVEIL NEW DETAILS ON THE NEXT PHASE OF HUDSON YARDS • PR Newswire (US) • 08/28/2024 04:32:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/14/2024 12:07:59 AM
- Form S-8 - Securities to be offered to employees in employee benefit plans • Edgar (US Regulatory) • 08/12/2024 08:31:01 PM
- Novo Nordisk Adjusts Outlook, Airbnb Drops 16% on Declining U.S. Demand, Lumen Technologies Surges 48% in Premarket • IH Market News • 08/07/2024 09:42:51 AM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/06/2024 08:51:29 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/06/2024 08:03:46 PM
- Wynn Resorts, Limited Reports Second Quarter 2024 Results • Business Wire • 08/06/2024 08:02:00 PM
- US Index Futures Rise After Market Sell-off, Oil Prices Trim Losses • IH Market News • 08/06/2024 09:49:06 AM
- Wynn Las Vegas to Host Four Sixes Ranch Steakhouse Pop-up This Fall • PR Newswire (US) • 08/05/2024 05:00:00 PM
- US Index Futures Up Ahead of Fed Decision; Oil Prices Surge Amid Middle East Tensions • IH Market News • 07/31/2024 10:01:30 AM
- Wynn Resorts Announces Second Quarter Earnings Release Date • Business Wire • 07/30/2024 08:05:00 PM
Lingerie Fighting Championships Signs Broadcast Deal With Maybacks Global Entertainment • BOTY • Sep 26, 2024 9:00 AM
Maybacks Global Entertainment and Lingerie Fighting Championships Enter Into Broadcast And Revenue Sharing Agreement • AHRO • Sep 26, 2024 8:30 AM
North Bay Resources Commences Operations at Bishop Gold Mill, Inyo County, California; Engages Sabean Group Management Consulting • NBRI • Sep 25, 2024 9:15 AM
CEO David B. Dorwart Anticipates a Bright Future at Good Gaming Inc. Through His Most Recent Shareholder Update • GMER • Sep 25, 2024 8:30 AM
Cannabix Technologies and Omega Laboratories Inc. Advance Marijuana Breathalyzer Technology - Dr. Bruce Goldberger to Present at Society of Forensic Toxicologists Conference • BLOZF • Sep 24, 2024 8:50 AM
Integrated Ventures, Inc Announces Strategic Partnership For GLP-1 (Semaglutide) Procurement Through MedWell USA, LLC. • INTV • Sep 24, 2024 8:45 AM