{"id":330514,"date":"2024-09-13T03:15:05","date_gmt":"2024-09-13T08:15:05","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=330514"},"modified":"2024-09-13T09:24:31","modified_gmt":"2024-09-13T14:24:31","slug":"wynn-stock-getting-no-macau-uae-credit-ridiculous-says-analyst","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/wynn-stock-getting-no-macau-uae-credit-ridiculous-says-analyst\/","title":{"rendered":"Wynn Stock Getting No Macau, UAE Credit \u2018Ridiculous,\u2019 Says Analyst"},"content":{"rendered":"

With shares of Wynn Resorts (NASDAQ: WYNN) down 16.3% year to date while the S&P 500 is up 17.6%, it\u2019s easy to understand why some investors are leery of the gaming stock — apprehension that’s amplified by the macroeconomic climate in China.<\/p>\n

\"Wynn
The Wynn Macau casino-hotel. An analyst says investors are too downbeat on shares of Wynn. (Image: Wynn Macau)<\/figcaption><\/figure>\n

Weakness in China\u2019s economy — the world\u2019s second-largest — is a credible reason for market participants to avoid Chinese stocks and Macau gaming names such as Wynn Macau. However, Stifel analyst Steven Wieczynski argues that investors are currently ascribing no value from Macau or the operator\u2019s United Arab Emirates (UAE)<\/a> project to the stock. That scenario is \u201cridiculous,\u201d says the analyst.<\/p>\n

We do believe current trading levels of WYNN shares are essentially pricing in almost zero value for their Macau assets (as well as their UAE project), which we believe is way too pessimistic\/Draconian,\u201d wrote Wieczynski in a new report to clients.<\/p><\/blockquote>\n

Wieczynski added that while he lowered estimates on Wynn\u2019s Las Vegas and Macau integrated resorts, he views the stock as attractive and recent weakness as a potential buying opportunity. He reiterated a \u201cbuy\u201d rating while paring his price target to $103 and $121. Even with that reduction, the new forecast implies upside of about 35% from Thursday’s close.<\/p>\n

Wynn, Other Macau Stocks Are Deeply Discounted<\/h2>\n

For the better part of five years now, Wynn Macau and shares of the other concessionaires in the Special Administrative Region (SAR) have struggled, and those woes intensified this year amid lethargy in the Chinese economy and worries ahead of the US presidential election.<\/p>\n

\n

Some analysts have defended the asset class, saying Macau casino equities are deeply discounted relative to historical norms and that investors are perceiving the group as significantly more risky<\/a> than it actually is. Wieczynski acknowledged that it\u2019s reasonable for market participants to be skittish about Macau names, but with Wynn trading 8x forward earnings before interest, taxes, depreciation, and amortization (EBITDA), the stock may be too cheap to ignore.<\/p>\n<\/div>\n

\u201cWe get it as to why investors don\u2019t want to look at WYNN right now as there are fears out in the marketplace about the China macro backdrop coupled with fears around the health of the U.S consumer. But based on where shares are trading today, we believe the market is more than discounting enough potential headwinds for this name,\u201d Wieczynski added.<\/p>\n

He also noted that while Macau equities<\/a> are likely to move in fits and starts, Wynn should be able to extract considerable long-term value in Macau due to the operator\u2019s focus on higher-margin gaming segments and cost controls.<\/p>\n

Wynn Stock Has Catalysts<\/h2>\n

Macau stocks are clearly moribund, and with Wynn down 16% over the past 90 days, it would be easy for investors to be dismissive of the shares. That view, however, ignores the point that the stock has tailwinds, including the Wynn Al Marjan Island<\/a> project in the UAE.<\/p>\n

Wieczynski argued that the venture, which is positioned to be the first regulated casino hotel in the Arab world, currently isn\u2019t reflected at all in Wynn\u2019s stock price even though it could eventually be worth $10 to $17 a share in today\u2019s dollars.<\/strong><\/p>\n

\u201cWe would note WYNN is doing an extensive (three plus hours) investor day\/presentation in early October out in Las Vegas,\u201d concluded Wieczynski. \u201cWe believe WYNN will spend a considerable amount of time going through their long-term growth opportunities with a specific focus around their UAE project. We don\u2019t believe WYNN management would be holding such a detailed investor event unless they were confident in the long-term financial benefits this project should bring.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

With shares of Wynn Resorts (NASDAQ: WYNN) down 16.3% year to date while the S&P 500 is up 17.6%, it\u2019s easy to understand why some investors are leery of the gaming stock — apprehension that’s amplified by the macroeconomic climate in China. Weakness in China\u2019s economy — the world\u2019s second-largest — is a credible reason […]<\/p>\n","protected":false},"author":46,"featured_media":254367,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,10],"tags":[81913,81903],"acf":[],"yoast_head":"\nWynn Stock Getting no Macau, UAE Credit \u2018Ridiculous,\u2019 Says Analyst<\/title>\n<meta name=\"description\" content=\"Wynn Stock Getting no Macau, UAE Credit \u2018Ridiculous,\u2019 Says Analyst.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/wynn-stock-getting-no-macau-uae-credit-ridiculous-says-analyst\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wynn Stock Getting no Macau, UAE Credit \u2018Ridiculous,\u2019 Says Analyst\" \/>\n<meta property=\"og:description\" content=\"Wynn Stock Getting no Macau, UAE Credit \u2018Ridiculous,\u2019 Says Analyst.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/wynn-stock-getting-no-macau-uae-credit-ridiculous-says-analyst\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2024-09-13T08:15:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-09-13T14:24:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/WM2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/wynn-stock-getting-no-macau-uae-credit-ridiculous-says-analyst\/\",\"url\":\"https:\/\/www.casino.org\/news\/wynn-stock-getting-no-macau-uae-credit-ridiculous-says-analyst\/\",\"name\":\"Wynn Stock Getting no Macau, UAE Credit \u2018Ridiculous,\u2019 Says Analyst\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-stock-getting-no-macau-uae-credit-ridiculous-says-analyst\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-stock-getting-no-macau-uae-credit-ridiculous-says-analyst\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/WM2.jpg\",\"datePublished\":\"2024-09-13T08:15:05+00:00\",\"dateModified\":\"2024-09-13T14:24:31+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Wynn Stock Getting no Macau, UAE Credit \u2018Ridiculous,\u2019 Says Analyst.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-stock-getting-no-macau-uae-credit-ridiculous-says-analyst\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/wynn-stock-getting-no-macau-uae-credit-ridiculous-says-analyst\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/wynn-stock-getting-no-macau-uae-credit-ridiculous-says-analyst\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/WM2.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/WM2.jpg\",\"width\":1280,\"height\":720,\"caption\":\"The Wynn Macau casino-hotel. 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