pechanga casino concert venueShares of Wynn Resorts (NASDAQ:WYNN) are lower by more than two percent Wednesday after Roth Capital analyst David Bain downgraded the gaming operator, citing, among other factors, risk in the marquee Macau market.Some investors like Wynn stock due to Asia-Pacific exposure.But Bain is concerned that the lack of real estate levers to pull means the operator is too levered to Las Vegas, and investors may be overlooking that risk.kansas star casino slot machinesRaining on the ParadeIAC getting involved with MGM is much more about the gaming company’s online casinos and BetMGM units than it is about land-based integrated resorts.But 2020 is far from the usual climate for gaming companies.The Wynn Macau is pictured above.valley forge casino news

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island view casino beach tower roomsThat implies downside from the area at which the stock currently resides.“Given the lack of domestic/international travel, lack of near/intermediate-term group and business events, the beginning of a long Las Vegas recovery is currently levered to California leisure traffic, which offers little visibility/reason for investor enthusiasm,” said Bain.“The cyclical, competitive, capital-intensive nature of the Strip combines with a basket of well-known macro/specific travel and Las Vegas negatives, seemingly dismissed by investors since IAC took a 12 percent stake in MGM,” said the analyst.hollywood casino from my locationThat helped it amass a large cash hoard that kept it afloat during the multi-month shutdown of domestic casinos.Only recently have there been most signs of a pickup in visits.Namely, Sin City is now highly dependent on leisure travel from neighboring California.big fish casino jackpot surge

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blackjack 21 casino game“The cyclical, competitive, capital-intensive nature of the Strip combines with a basket of well-known macro/specific travel and Las Vegas negatives, seemingly dismissed by investors since IAC took a 12 percent stake in MGM,” said the analyst.“Given the lack of domestic/international travel, lack of near/intermediate-term group and business events, the beginning of a long Las Vegas recovery is currently levered to California leisure traffic, which offers little visibility/reason for investor enthusiasm,” said Bain.But Bain sees risks by way of a lack of liquidity among high-end players, new room supply coming to market, and a dearth of Hong Kong dollars flowing into the gaming hub because travel remains limited between the two SARs.Wynn Macau and Wynn Palace, along with the special administrative region’s (SAR) other casinos, were closed for 15 days in February because of the coronavirus pandemic.Not Loving Las Vegas, EitherThe analyst forecasts Las Vegas, where Wynn owns its namesake integrated resort, anraging bull casino websited the Encore, will account for 22 percent of 2022 EBITDA.No Real Estate, More VolatilityLast year, MGM sold Bellagio and Circus Circus, and the real estate liquidation theme continued into January, as the operator parted with MGM Grand and Mandalay Bay on the Strip.borgata casino food