Wynn Downgraded Again

12 Nov 2004

NEW YORK – As reported by the Street.com: "Wall Street still likes the Wynn Resorts (WYNN) story. It's just that the stock has become a little pricey for some analysts' taste.

"For the second time this week, an analyst has downgraded the casino company's shares from buy to neutral, noting the steep price run-up of recent months.

"The stock slid $1.32, or 2.2%, to $59.08 Friday after the latest downgrade, which came from UBS analyst Robin Farley. Shares of other casino operators were mixed, and the Dow Jones Casinos Index was up just 0.3%. On Wednesday, Wynn shares hit a 52-week high of $61.14, up from around $40 in August.

"…Wynn is a casino operator without an operating casino -- at least not yet. The company is the brainchild of casino wiz Stephen Wynn, who sold Mirage Resorts in 2000 to what is now MGM for $6.4 billion. Wynn plans to open a lavish 3,500-room casino resort on the Las Vegas Strip next April and another property in the southern Chinese city of Macau next fall…"

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	Wynn Downgraded Again 12 Nov 2004 NEW YORK – As reported by the Street.com: "Wall Street still likes the Wynn Resorts (WYNN) story. It's just that the stock has become a little pricey for some analysts' taste. "For the second time this week, an analyst has downgraded the casino company's shares from buy to neutral, noting the steep price run-up of recent months. "The stock slid $1.32, or 2.2%, to $59.08 Friday after the latest downgrade, which came from UBS analyst Robin Farley. Shares of other casino operators were mixed, and the Dow Jones Casinos Index was up just 0.3%. On Wednesday, Wynn shares hit a 52-week high of $61.14, up from around $40 in August. "…Wynn is a casino operator without an operating casino -- at least not yet. The company is the brainchild of casino wiz Stephen Wynn, who sold Mirage Resorts in 2000 to what is now MGM for $6.4 billion. Wynn plans to open a lavish 3,500-room casino resort on the Las Vegas Strip next April and another property in the southern Chinese city of Macau next fall…"

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Wynn Downgraded Again