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Wynn Resorts, Limited

5/21/2013, 4:43 AM ET

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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]
Thursday, April 25, 5:01 PM Heard during Wynn Resorts' (WYNN) earnings call: 1) VIP activity in Macau still looks promising as the firm says it has lined up deals with new junket operators. 2) Despite the forecasts for stellar growth, execs note rivals are keeping Wynn "on its toes" in Macau. 3) Steve Wynn says there is nothing new to do in the business except the basics better. The Wynn translation seems to be the firm needs to hope for an improved economy. 4) On Cotai, mass transit links to Wynn's new casino set up well to keep mass market traffic high. 5) Steve Wynn doesn't seem to be a fan of online gaming at all, but Wynn won't be left behind as it cautiously looks at opportunities. WYNN -0.6% AH. (webcast) Comment! [Consumer, On the Move]
Thursday, April 25, 4:30 PM More on Wynn Resorts (WYNN) FQ1: All eyes on Macau where table games turnover was $28.4B (-15.3% Y/Y) in the VIP segment and $243.1B (+13.6%) in the mass market segment. Las Vegas operations showed a 6.6% increase in revenue as room, food, and beverage sales contributed to offset a slip in entertainment revenue. The company spent $76.3M on its massive project in Cotai during the period. WYNN +0.3% AH. (PR) Comment! [Consumer, Earnings]
Thursday, April 25, 4:08 PM Wynn Resorts (WYNN): FQ1 EPS of $2.03 beats by $0.48. Revenue of $1.379B (+4.4% Y/Y) beats by $20M. Shares +1.9% AH. (PR) 1 Comment [Breaking News, Consumer, On the Move, Earnings]
Thursday, April 25, 10:12 AM Casino watch: JPMorgan tips off that Las Vegas Sands (LVS +2.6%) could see an unexpected Q1 surprise from the Venetian Macao as the new property generates mass revenue at a faster pace than rival casinos. The first quarter earnings parade for the Macau gaming sector (MPEL, MGM, [{WYNN]]) launches today with Wynn Resorts. While channel checks by investment firms indicate strong April traffic in Macau despite the avian bird flu concerns, a confirmation from Wynn could really light up the sector. 3 Comments [Consumer]
Wednesday, April 24, 9:02 AM The channel checks are in but analyst estimates for Macau gaming revenue in April still vary widely. At the top end is CLSA Asia Pacific Markets with an estimate for 10%-15% growth, while Nomura only sees a 8% to 12% gain. What to watch: Despite the monthly jumps which rattle Macau casino players (MPEL, WYNN, MGM,LVS), the long-term trend looks positive as worries that a government crackdown on corruption would affect high rollers fade. Comment! [Consumer]
Tuesday, April 23, 7:36 AM The World Health Organization confirms that there is no evidence the H7N9 avian bird virus spreads from human to human contact. The news is good for Macau-based casinos (MPEL, WYNN, MGM) but won't do much to help Yum Brands (YUM) in the region. The company said earlier this month it suffered a "significant, negative impact" on KFC sales due to worries of chicken contamination in China, but investors are still waiting to hear just how bad the hit will be. Comment! [Consumer, Global & FX]
Monday, April 22, 11:46 AM Gaming revenue is tracking 13% to 15% higher Y/Y in Macau, according to estimates from Wells Fargo. The projection falls in line with numbers from other investment firms and is another indication that the avian bird flu situation in China isn't cutting into Macau traffic dramatically. 1 Comment [Consumer]

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