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Wynn Resorts, Limited

6/19/2013, 11:05 PM ET

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Monday, June 17, 1:23 PM Macau gambling revenue rose 39% over the last week as both high VIP turnover and generous win percentage rates boosted sales for operators (LVS, MGM, MPEL, WYNN) in the region. Even if the pace slows down for the rest of June, the monthly revenue tally could easily exceed analyst estimates according to both RBC and Citi. 7 Comments [Consumer]
Monday, June 10, 12:32 PM Nevada casino revenue came in at $854M for April, down 0.2% Y/Y and 0.7% lower M/M. Las Vegas Strip casinos (LVS, MGM, WYNN, PENN, ASCA, BYD, CZR) underperformed the rest of the state with gaming revenue slipping 2.3% Y/Y to $448.6M. Comment! [Consumer]
Monday, June 10, 10:43 AM The early read on Macau gambling revenue is a touch soft with RBC estimating the table game run-rate for the first nine days is up 8.6% - instead of the accustomed double-digit pace. If VIP spending stays strong, the back-half of the year could see some nice revenue growth numbers for casino operators in the region (MPEL, MGM, WYNN, LVS) as the comps get easier. 3 Comments [Consumer]
Friday, June 7, 8:23 AM The Macau racket? The make or break game for casinos in Macau is baccarat. Roughly two-thirds of the revenue for Las Vegas (LVS), Wynn Resorts (WYNN), Melco Crown (MPEL), and MGM Resorts (MGM) in Macau is generated from VIP baccarat players who bet heavily with borrowed money from junket operators willing to collect back on the Mainland. For now the system is working as junket operators keep bringing in fresh loads of players not yet in debt to play the fast-paced game, but a tightening of rules by Chinese authorities could end the party early. 5 Comments [Consumer]
Wednesday, June 5, 1:15 PM The current session of the Nevada legislation is moving along quite nicely for the casino industry (MGM, WYNN, BYD, PENN, ASCA, PNK, CZR, LVS, BJK). Bills to legalize online poker in the state and to protect large casino properties from slot machine parlors and establishments with sports betting kiosks have both passed, while a bill that would see casino employees avoid state taxes on comped meals looks likely to pass. (Previous: Vegas casino stocks falling faster than Macau plays) Comment! [Consumer]
Thursday, May 23, 8:06 AM Macau-sensitive stocks could swing lower as a subpar reading on China PMI casts doubts on the strength of the economy in the nation. Any type of sustained slowdown in China would rattle the sector with double-digit gaming revenue from Macau baked into valuations. On watch: MGM, MPEL, WYNN, LVS. Comment! [Consumer]
Wednesday, May 22, 3:10 PM Growth in Macau isn't showing any signs of slowing down after shooting to $38B last year (6X more than Las Vegas) as a double-digit growth pace has become the norm in 2013. After a lot of consternation over a drop in VIP revenue, casinos in the region have proven adept at diversifying their customer base. New transportation infrastructure and the growing number of Macau hotel rooms are two more revenue drivers for gaming firms Melco Crown (MPEL -0.9%), Las Vegas Sands (LVS -1.2%), Wynn Resorts (WYNN -0.2%), Galaxy Entertainment (GXYEF.PK), and MGM Resorts (MGM -2.6%). Comment! [Consumer]
Monday, May 20, 1:54 PM The latest batch of data on gambling revenue from Macau looks promising with the average daily rate over a 7-day tracking period ending yesterday coming in ahead of expectations. If the MTD trend holds, May could be Macau's second best month and help boost the bottom lines for Melco Crown (MPEL +2.4%), Wynn Resorts (WYNN +1.4%), MGM Resorts (MGM +1.5%), and Las Vegas Sands (LVS +0.3%) during the quarter. Comment! [Consumer]
Wednesday, May 15, 7:42 PM Wynn Resorts (WYNN) prices its $500M private offering of 4.25% senior notes due 2023 at par. The company, through a subsidiary, plans to use net proceeds to buy back the entire $500M tranche of its 7.125% first mortgage notes due 2017. Shares +1.7% AH. Comment! [Consumer]
Wednesday, May 15, 7:42 AM Nomura increases its estimate for 2013 Macau gaming revenue to 15% growth from a previous forecast calling for a 13% gain. Estimates for the calendar year from investment firms carry a little more weight now with the revenue haul from Golden Week and the Chinese New Year factored in more accurately. The revised forecast is positive for Macau-sensitive stocks such as Melco Crown (MPEL), Las Vegas Sands (LVS), MGM Resorts (MGM), and Wynn Resorts (WYNN). 2 Comments [Consumer]
Monday, May 13, 8:32 AM Nomura is out with a series of price target hikes for gaming stocks on the back of a new report on Macau which "compares the supply demand outlook today … with that of Las Vegas in 1990-2005." Price target rundown: Wynn Resorts (WYNN) to $155 from $147, Penn National (PENN) to $66 from $60, MGM to $16 from $13.50, Boyd (BYD) to $9 from $7, and Las Vegas Sands (LVS) to $67 from $62. 3 Comments
Tuesday, May 7, 1:20 PM Analysts are already out with early estimates for gaming revenue in Macau for May. Wells Fargo sees a 13% to 17% increase to potentially pass the $3.75B mark - to easily beat the sub-$1B Vegas casinos will bring in. Naturally, the news is of interest to Melco Crown (MPEL -1.4%), MGM Resorts (MGM -0.5%), Las Vegas Sands (LVS +0.3%), Wynn Resorts (WYNN +0.5%) with every passing month seeing a higher percentage of the group's total revenue Macau-based. 3 Comments [Consumer, Global & FX]
Tuesday, April 30, 7:43 AM Ultimate Gaming will become the first fully legal real-money online poker website in the U.S. when it launches today in Nevada. Players will have to prove they reside in Nevada before being allowed to open an account. What to watch: The lure of tax revenue could be too great for other states to pass up. Expect more states to add online poker or add even more forms of casino gambling online like New Jersey and Delaware have allowed. The big boys (WYNN, MGM, CZR) aren't snoozing the trend and have key online partnerships and initiatives ready to go. Comment! [Consumer]
Monday, April 29, 10:32 AM Caution is in order with Wynn Resorts (WYNN -0.3%) until the dispute over Elaine Wynn's sizable stake in the company gets worked out, warns SA contributor Sammy Pollack. In its recent annual report, Wynn Resorts admitted its business would be "significantly impaired" if it lost the services of Steve Wynn - but on the flip side those betting against the exec typically haven't fared well. (Previous: She won't just be ignored) Comment! [Consumer]
Friday, April 26, 10:37 AM She won't just be ignored: Wynn Resorts (WYNN -0.5%) showed a stronger-than-expected profit in Q1 as Macau rebounded during the period but a mini-drama is developing in a Las Vegas courtroom which may determine how much control Steve Wynn may have on the company in the future. Ex-wife Elaine Wynn wants to sell shares valued at $1.287B (and controlled by Steve Wynn) - meaning a judge's ruling on the issue could leave the exec vulnerable if she wins the right. (earnings, wrapup, conference call) Comment! [Consumer]
Friday, April 26, 7:56 AM It won't be seen on the transcript (read it here), but Steve Wynn seemed to literally slam the table as he brought home the point during Wynn Resorts' (WYNN) earnings call that regional casinos are nothing but "boxes of slots." The exec is convinced that the premium Wynn experience will play well in new markets such as Boston and Philadelphia where the firm is vying for licenses to pressure regional operators. The burning sector question: How much of a hit will regional casino operators (PENN, MCRI, ASCA, ISLE, BYD, CNTY, PNK) take as big Vegas companies expand more into their turf? 1 Comment [Consumer]

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