Wynn Resorts, Limited (NASDAQ:WYNN) declared a quarterly dividend on Wednesday, July 29th, Analyst Ratings Network.com reports. Susquehanna maintains their rating on the shares of Wynn Resorts, Limited (NASDAQ:WYNN). Meanwhile, gaming revenue dropped 26.2 percent from 2014. Wynn Resorts, Limited’s revenue for the quarter was down 26.3% compared to the same quarter a year ago.
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Excluding preopening costs and other items, profit fell to 74 cents a share from $2.11 a share a year earlier.
For the quarter, revenue inLas Vegas operations dropped 6.2% to $423.5 million and adjusted EBITDA was down 23.9% to $122.0 million. Deutsche Bank reaffirmed a “buy” rating and issued a $131.00 price target (down previously from $135.00) on shares of Wynn Resorts, Limited in a report on Tuesday, July 7th. They have been accused by the agencies of deliberately not disclosing the fact that Mr. Lightbody, who has known links to mobs had a stake in the property which was later sold to Wynn Resorts, Limited (NASDAQ:WYNN).
Wynn Resorts attributed the considerable decline to the 35.8% decrease in net revenue from its Macau operations and the 6.2% one in net revenue from its Las Vegas operations.
U.S. stocks closed higher on Wednesday after the Federal Reserve kept rates unchanged in its July statement and the continued recovery in oil prices encouraged investor sentiment. Brean Capital cut their target price on Wynn Resorts, Limited from $153.00 to $136.00 and set a “buy” rating for the company in a research report on Thursday, July 2nd.
The average broker recommendation is arithmetical average of the individual ratings contributed by sell-side analysts to produce a Consensus Analyst Rating for each stock. The stock now has a consensus rating of “Hold” and a consensus price target of $145.14. The company has a 52-week high of $220.5. Hagenbuch acquired 5,850 shares of the business’s stock in a transaction dated Wednesday, May 6th. The stock was bought at an average price of $115.68 per share, with a total value of $676,728.00.
Wynn, like other casino owners in Macau, is dealing with a betting freefall in the gambling enclave. The stock has a market capitalization of $9.71 billion and a P/E ratio of 21.19. The Company owns and operates two destination casino resorts. Macau is the only region in China where gambling is legal. Without some Asian players this year – presumably related to the struggles in Macau – baccarat did not perform as well in his Las Vegas casinos, he said.
On the development front, Wynn said the company is moving forward with its $4.1 billion Wynn Palace project on Macau’s Cotai Strip, which is expected to open on March 25.
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Wynn was diplomatic in describing the Las Vegas market where he oversees his Wynn and Encore resorts as a “comfortable business”. About 186,000 square feet of casino space with 232 is featured by its Las Vegas Businesses table machines games, 1,849, two hotel towers and others.
