Wednesday, 13 November, 2019

Wynn Resorts (WYNN) Given "Neutral" Rating at Roth Capital

Wynn Resorts (WYNN) Given Wynn Resorts (WYNN) Given "Neutral" Rating at Roth Capital
Patty Aguilar | 08 February, 2018, 22:06

Shares of Wynn Resorts rebounded on Wednesday, adding 8.6 per cent on the Nasdaq, following Wynn's resignation. If found wanting, Wynn Resort stands the risk of having its application revoked to build the Wynn Boston Harbor Resort. JPMorgan Chase & Co. raised shares of Wynn Resorts from a neutral rating to an overweight rating in a report on Wednesday. Nine research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company.

The 76-year-old billionaire announced his exit following an unscheduled meeting of Wynn Resorts' board of directors on Tuesday evening. The stock has a market capitalization of $18,230.00, a price-to-earnings ratio of 24.39 and a beta of 1.59.

It has also led to speculation that Wynn Resorts could become a takeover target, and raises the question of how much influence Wynn, its biggest shareholder, will continue to wield over the firm and how much scrutiny from authorities that will invite.

Wynn Resorts remains as committed as ever to upholding the highest standards and being an inclusive and supportive employer.

Wynn Resorts (NASDAQ:WYNN) last posted its quarterly earnings data on Monday, January 22nd. The casino operator reported $1.40 EPS for the quarter, beating analysts' consensus estimates of $1.33 by $0.07.

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According to a report from the Las Vegas Review-Journal newspaper, Monday saw Nevada Eighth Judicial District Court Judge Elizabeth Gonzales overturn her own judgment from twelve weeks ago and allow a sealed document to be introduced into evidence that allegedly indicates several Wynn Resorts Limited directors had been intent on ousting Okada as a board member of the firm from as early as November of 2011. During the same period a year ago, the company earned $0.50 earnings per share.

The company said it was appointing Matt Maddox, its president since 2013, as chief executive, effective immediately. The stock was sold at an average price of $155.12, for a total transaction of $9,192,411.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Large investors have recently made changes to their positions in the business. First Personal Financial Services lifted its position in shares of Wynn Resorts by 102.9% during the 3rd quarter. Company insiders own 13.20% of the company's stock. First Personal Financial Services now owns 710 shares of the casino operator's stock worth $106,000 after acquiring an additional 360 shares during the last quarter. Calton & Associates Inc. acquired a new position in Wynn Resorts in the 4th quarter worth about $178,000. Finally, Moors & Cabot Inc. purchased a new stake in Wynn Resorts during the third quarter valued at approximately $222,000. Finally, IBM Retirement Fund acquired a new position in shares of Wynn Resorts in the fourth quarter worth $201,000.

Wynn Resorts owns and operates Wynn and Encore Las Vegas (), Wynn Macau () and Wynn Palace, Cotai (). The company will continue to fully focus on its operations at Wynn Macau, Wynn Palace and Wynn Las Vegas; the development and opening of the first phase of Wynn Paradise Park, now under construction on the former Wynn golf course; as well as the construction of Wynn Boston Harbor, which will open in June 2019.

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