Wynn Resorts Ltd., a global hospitality leader, notes significant changes including the retirement of Ellen Whittemore as EVP and General Counsel, although she will remain on the Wynn Macau board. The Casino sector received a boost from China's stimulus moves, positively affecting Wynn along with Las Vegas Sands and MGM. In Q2 2024, despite increased revenue, earnings missed estimates. The stock saw an 8.2% jump, but it remains unclear if this will translate into long-term strength.
Wynn's bid for a New York casino is seen as a positive catalyst by some analysts, including Morgan Stanley who turned bullish on the stock.
Envestnet Asset Management recently purchased 113,334 Wynn shares, reflecting some confidence in the company. Yet, Wynn Resorts forfeited $130M in a deal with the federal government over illegal transactions and settled a class-action lawsuit for $70M. Despite the ongoing legal battles, Wynn announced a private offering of $800M in senior notes due in 2033. The company is choosing this method to recover from its legal challenges.In 2024 sports betting industry, Wynn Resorts is stepping up as a leading contender, with Ken Fisher rating it as one of his top growth stock picks right now. Wynn's fiscal results show record Q2 adjusted property EBITDAR and increased dividends. Optimistic, despite some recent underperformance against the market, it remains a viable addition to any portfolio, with institutional owners dominating its 62% shares.
Wynn Resorts Ltd WYNN News Analytics from Tue, 23 Jan 2024 08:00:00 GMT to Sun, 29 Sep 2024 20:58:23 GMT -
Rating 3
- Innovation 2
- Information 4
- Rumor -3
