September 6, 2010, 3:35 am
The struggle facing Wynn Resorts (WYNN: 86.96 -0.97%) to secure a Cotai Strip expansion project and the underperformance of the newly opened Wynn Encore in Macau as gaming revenue in the region continues to soar were among the reasons cited by Citi Bank on Friday for rating the casino operator as a “Sell”.
Despite the sell rating, Citi bank has raised its price target on shares of WYNN from $69.9 to $73.30 and has lifted its EPS estimates for the company.
For Fiscal 2010, Citi bank raised EPS estimates from $1.29 to $1.56 and from $1.61 to $1.91 for Fiscal Year 2011.
“With Wynn having a negligible convention presence, we believe its rebound in Vegas will slow. In Ma
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August 4, 2010, 2:07 pm
Even though Wynn Resorts (WYNN: 91.52 +1.34%) was not expecting to close its private offering until August 18, the casino operator has reached its $1.3 million goal.
Wynn Las Vegas and Wynn Las Vegas Capital Corp. have closed its offering on aggregated principal amounts of 7.75% first mortgage notes due 2020.
Note holders were offered an additional $30 consent payment if closed with Deutsche Bank Securities Inc. and J.P. Morgan Securities Inc before August 3.
Wynn will use the proceeds to refinance existing debt.
During today’s trading session shares of Wynn Resorts rose 1.35% to close at $91.53. So far this month Wynn has hit a high of $92.44 on Thursday August 5, its highest stock price since the end of April.
Wynn traded at a low of $87.71on Tuesday August 3.
July 26, 2010, 6:12 am
With gambling revenues in Macau on the rise, the consensus among analysts is that Wynn Resorts (WYNN: 87.87 +0.39%) will report quarterly earnings tomorrow of $0.38 a share on sales of $977 million.
Wynn is expected to post quarter 2 financials before the market opens on Thursday July 29.
In the previous period, Wynn reported revenue up 23% to $908.9 million helped largely from strong gains in Macau. Net income for the period reached $27 million. Wynn beat analysts’ estimates of $0.17 a share with income excluding one-time items reaching $0.26 a share.
While Macau casino operations have seen a large increase in gambling revenue this year, the market peaked in May and may not have a significant impact to offset the revenue decline in Las Vegas.
Although shares of WYNN opened the market yesterday up $0.46, during the session dropped $1.11 to close at $87.53. T
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June 30, 2010, 3:35 pm
Although Goldman Sachs raised estimates on Wynn Resorts (WYNN: 76.13 0.00%), the stock has lost over $10 this week to end a month that has seen its highest prices since early May.
The high for the month was reached on Monday June 28 topping off at $89.64, shares have not peaked this high since May 4 when the stock hit $90.47.
The low for the month came in at $74.57 on Tuesday June 8 which was higher than the lowest price of $72.78 that was hit just 10 days earlier on May 25.
Investors expecting to see WYNN continue to decline in value purchased 1,000 now in-the-money calls at the July $80 strike for an average premium of $3.86 apiece. Put buyers at this strike price are positioned to profit should WYNN’s shares fall below the average break-even point to the downside at $76.14 by expiration day.
Bearish players also picked up another 1,000 puts at the lower July $75 strike for an average premium of $2.04 per contract. H
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