mountaineer casino wikiShares 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.Not Loving Las Vegas, EitherThe analyst forecasts Las Vegas, where Wynn owns its namesake integrated resort, ancasino 5 letter wordsd the Encore, will account for 22 percent of 2022 EBITDA.“While structural elements for visitation improvements are advancing, we believe a VIP-led recovery will be less broad-based than many anticipate and carry specific risks,” said Bain.poker hand casino royaleRisky BusinessBy Bain’s estimate, Wynn derives 68 percent of its earnings before interest, taxes, depreciation and amortization (EBITDA) from the world’s largest gaming center, adjusting for its ownership stake in Wynn Macau.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.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.table games at mardi gras casino

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brian christopher slot room plazaOnly recently have there been most signs of a pickup in visits.But Bain argues Diller’s company may have paid too much for the privilegcasino 5 letter wordse.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.are lake tahoe casinos being evacuatedBut 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.But its land-based difficulties trump its digital opportunities by a wide margin,” said Bain.Namely, Sin City is now highly dependent on leisure travel from neighboring California.winstar world casino gift shop

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bicycle casino wedding“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.Some investors like Wynn stock due to Asia-Pacific exposure.But 2020 is far from the usual climate for gaming companies.“We believe certain operators are structurally better positioned from the more visible, long-term dynamic Macau casino 5 letter wordsgaming market than Wynn.But there are issues, there, too.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.is pechanga casino poker room open