- Shares of Wynn Resorts (NASDAQ:WYNN) are flying in premarket trading as investors wake up to the news that Steve Wynn has plans for expansion in Las Vegas.
- The company's decision to go the Disney direction (attractions, entrance tickets, fireworks) with its new project on the Strip could turn out to be a turning point in Las Vegas history (similar to Wynn's Mirage gamble in the early 1990s), say some analysts. Watch for reactions from Caesars Entertainment (NASDAQ:CZR) and MGM Resorts (NYSE:MGM) as Vegas pushes the family entertainment destination angle. MGM's new 20K-seat arena is also a factor in that shift.
- During last night's presentation to investors, Wynn Resorts also updated on resorts in Cotai and Boston. Also of note, the company says it's targeting a debt-to-property EBITDA ratio of 3X by 2019 from 5.8X last year. That could please investors looking for the company to reign in interest costs.
- Previously: Wynn Resorts plans major Strip project (April 7)
- WYNN +6.1% premarket to $95.15.