Tags: Wynn | Resorts | Slips | Analyst | Cuts | Price | Target

Wynn Resorts Slips as Analyst Cuts Price Target

Tuesday, 28 Sep 2010 01:12 PM

Shares of Wynn Resorts Ltd. dropped more than 3 percent as an analyst cut the casino operator's price target, citing anticipated weakness in Macau.

Felicia Hendrix of Barclays Capital said in a client note Monday that Wynn has usually paid commissions at or below market rates in Macau, instead using its luxury products and services to compete for junket VIP business.

But Hendrix says junket operators are shifting some business away from Wynn in response. She predicts the company will keep losing market share in the near term.

Macau is the only area in China where gambling is legal.

Hendrix lowered Wynn Resort's price target to $84 from $92.

Shares of the company based in Las Vegas fell $3.08, or 3.4 percent, to $87.12 on Monday.

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Shares of Wynn Resorts Ltd. dropped more than 3 percent as an analyst cut the casino operator's price target, citing anticipated weakness in Macau. Felicia Hendrix of Barclays Capital said in a client note Monday that Wynn has usually paid commissions at or below market...
Wynn,Resorts,Slips,Analyst,Cuts,Price,Target
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2010-12-28
Tuesday, 28 Sep 2010 01:12 PM
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