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Analysts Optimistic About Wynn's Projects

30 Apr 2004

Las Vegas Sun

LAS VEGAS -- Wynn Resorts Ltd.'s Las Vegas and Macau projects may boost the company's share price, Business Week reports in its May 10 edition's 'Inside Wall Street' column.

Wynn Resorts' Macau casino is expected to open in mid-June 2006, the magazine said. Gambling in Macau generated $3.6 billion in revenue last year and the city could thrive as an Asian gambling center, the magazine said, citing Deutsche Bank analyst Marc Falcone, who has a 12-month target of $46 for the stock.

Shares of Las Vegas-based Wynn Resorts, run by billionaire Stephen Wynn, rose 88 cents to $39.85 in composite trading on the Nasdaq Stock Market Thursday. The shares were up another 5 cents today. They have gained 42 percent this year.

The company's Las Vegas project will start operations in April of next year. Wynn Resorts doesn't have sales currently, and revenue could be $738 million next year and $1.2 billion in 2006, the magazine said, citing Prudential Securities analyst William Lerner, who expects the stock to reach $55 in two years.

Copyright © Las Vegas Sun. Inc. Republished with permission.

 
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