- Wynn Resorts (WYNN +0.3%) is upgraded to Buy from Hold with a $121 price target, raised from $95, at Aegis Capital, which says the company is well-positioned to benefit from a recovery in gambling in Macau.
- According to TheFly.com, Aegis credits the Macau rebound to a slight easing of Beijing's anti-corruption campaign, new and higher-end casinos in Macau, and the extension of new credit, and expects Macau's total gross gaming revenue will jump 10% Y/Y in Q1 as the rebound in VIP gambling revenue in Macau likely will continue.
- Wynn's casinos in Macau have greater leverage to VIP gamblers than their competitors, the firm says, adding that Wynn has made favorable changes to Wynn Palace that have made it more attractive to VIP gamblers.