harrah s cherokee casino breakfast(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 .“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.That’s fine in a normal operating environment, and it’s exposure that’s served Wynn investors well over the years.choctaw casino stiglerNamely, Sin City is now highly dependent on leisure travel from neighboring California.Bain added that Wynn has less exposure to the Cotai Strip than rivals Las Vegas Sands (NYSE:LVS) and Melco Resorts & Entertainment (NASDAQ:MLCO), a relevant point because border expansions and new capacity could drive traffic to that area of Macau.That’s fine in a normal operating environment, and it’s exposure that’s served Wynn investors well over the years.free online slots mr gamez

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silver oak casino login page1 billion in cash, giving it its strongest balance sheet ever.That’s fine in a normal operating environment, and it’s exposure that’s served Wynn investors well over the years.That’s fine in a normal operating environment, and it’s exposure that’s served Wynn investors well over the years.four winds casino sign upNamely, Sin City is now highly dependent on leisure travel from neighboring California.“We believe certain operators are structurally better positioned from the more visible, long-term dynamic Macau lake tahoe casinos mgmgaming market than Wynn.BetMGM is a joint venture with GVC Holdings, meaning MGM has to share the economics with its UK-based partner.golden palace casino sport bruxelles

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jamul casino non smoking“We believe certain operators are structurally better positioned from the more visible, long-term dynamic Macau lake tahoe casinos mgmgaming market than Wynn.But 2020 is far from the usual climate for gaming companies.Risky 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.“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.Not Loving Las Vegas, EitherThe analyst forecasts Las Vegas, where Wynn owns its namesake integrated resort, anlake tahoe casinos mgmd the Encore, will account for 22 percent of 2022 EBITDA.the golden nugget casino in biloxi mibibippi