Vince Martin
Long/short equity, value, gambling

Wynn Resorts Still Looks Expensive

The nearly 16% gain at Wynn Resorts (NASDAQ:WYNN) on Friday certainly seems a bit much relative to the company's fourth quarter earnings report. After all, Wynn already had reported preliminary Q4 numbers in mid-January, and the final numbers in both Macau and Las Vegas were in the middle of the ranges projected in January. It seems likely that the gains were driven by factors beyond the fundamentals. CEO Steve Wynn was notably confident on the Q4 conference call (his demeanor a remarkable change from a quarter earlier), Wynn Palace's already-delayed opening appears set for late June (or close), and short-covering may have driven some of Friday's pop. The gains - and WYNN's recent bounce from $50 - ...
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