Analysts flag subpar performance in Wynn's Macau ops, shares drop

Wynn Macau

10/11/2023 14:41

(Updates)
    ** Shares of resort operator Wynn Resorts  WYNN.O  plunge
9.5% to $81.95, touching a near a one-year-low during the early
houring of trading
    ** Co reports $295 mln rev for Wynn Macau property, below
estimates of 308 mln, Jefferies notes
    ** Market headwinds in Asia continue to limit WYNN's share
performance - Jefferies 
    ** Co's Macau's results disappoint, as Peninsula property
losing traffic to Palace and other properties in the Cotai strip
- Morningstar
    ** At least 4 brokerages have slashed PT on WYNN shares,
with Jefferies cutting to a street low of $91
    ** Out of 15 brokerages tracking WYNN, 8 rate "buy" or
higher, 7 "hold"; median PT at $120
    ** Co also reaches a tentative deal with the Las Vegas Labor
Union, where it agreed to the highest-ever pay increase
    ** WYNN reports Q3 results, 1.67 bln rev and 99 cents/shr 
beating est of 1.59 bln and 75 cents/shr, respectively 
    ** Stock up ~10% YTD as of Thursday's close vs. 29% and 13%
gains in Nasdaq  .IXIC  and S&P 500  .SPX 
    
    

 (Reporting by Pranav Kashyap in Bengaluru)