The company was rated as an “outperform” by a group of the bank’s analysts to go along with a price rating of $119.00. All in all, at least 18 firms offered a rating of Wynn Resorts, with two marking it a “sell,” nine giving it a “hold” rating and seven considering it a “buy” for an average rating of a hold.
The resorts owner could be in line to grow exponentially over the coming year thanks to its ventures out in Macau. Wynn Resorts owns two locations there, including the Wynn Macau and the Wynn Palace, which opened in 2006 and 2016 respectively.
“We believe that WYNN can take greater market share in Macau than the market is currently discounting,” a team of analysts led by Thomas Allen noted.
There is the potential of greater market growth in the area, as well as higher margins that will help shareholders in the long run. Additionally, the number of Google hits for Wynn’s Macau locations have increased, surpassing that of its competitors.
“In Wynn Macau’s first 4 quarters of operation, it averaged 15.4% market share, nearly 240bps higher than the 13.0% achieved in its first full quarter in 4Q06,” they noted.
This figure marks the largest increase of precedent major casino openings in Macau.
WYNN shares grew 1.8% Thursday.