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oxford casino rooms“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.The Wynn Macau is pictured above.(Image: Getty Images)In a note to clients today, Bain lowered his rating on the Encore operator to “neutral” from “buy,” while trimming his price target to .That helped it amass a large cash hoard that kept it afloat during the multi-month shutdown of domestic casinos.“To be clear, we believe IAC ownership is a positive for MGM.“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.jamul casino drug test