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Wynn Resorts shares rise despite 'Macau malaise'

5 Jun 2015

By Howard Stutz
Wynn Resorts, Limited, which has seen its share price hammered over the past few days over “Macau malaise,” bounced back on Thursday after an analyst said the low price presented a buying opportunity.

Shares of Wynn, which operates two casinos in Macau and two Strip resorts, jumped as much as 8 percent on the Nasdaq before closing at $109.44, up $7.39 or 7.24 percent.

JP Morgan gaming analyst Joe Greff told investors in a research note on Thursday that Wynn’s stock price decline of almost 19 percent in recent weeks “provides an opportunity for both near-term and long-term investors in what we would describe as a defendable valuation.”

Wynn fell below $100 a share on Monday for the first time since December 2010 after Macau reported its 12th consecutive monthly gaming revenue dip. The market, where Wynn is building the $4 billion Wynn Palace on the Cotai Strip, is down more than 37 percent compared to a year ago.

“Our call is not that the Macau market is stabilizing,” Greff said. “We don’t think anyone can make that call quite yet. We are encouraged by the details that May’s results generated that implies some level of early stabilization.”

Shares of Las Vegas Sands Corp., another major Macau casino operator, increased $2.49 or 4.74 percent Thursday, to close at $54.99 on the New York Stock Exchange.

Shares of MGM Resorts International, which also operates a Macau hotel-casino, increased 57 cents or 2.89 percent to close at $20.28 on the New York Stock Exchange.

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