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We will update the story should they comment. Shares of Wynn Resorts (NASDAQ:WYNN) are lower by four percent in midday trading Tuesday. turtle lake wis casino That’s after Goldman Sachs lowered its rating on the gaming company to “neutral” from “buy,” while removing the stock from its prestigious Conviction Buy List. Wynn Palace in Macau. Goldman Sachs downgraded the stock today, citing weakness in the VIP segment. fanduel casino gift card roulette casino images (Image: CNBC)Predictably, Goldman cites Macau as one of the primary reasons for its downgrade of Wynn. Nearest Casino In Iowa Hwsn The Chinese territory is the operator’s largest market and, in a normal operating environment, accounts for two-thirds or more of the firm’s revenue in any given quarter. Borgata Casino Water Club Dubb Wynn (parent company) holds outsized exposure to Wynn Macau, and after revising our forecasts to embed softer VIP in 2021, we find limited upside, given the stock’s recent run,” said Goldman analyst Stephen Grambling in a note to clients.

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Last month, Wynn stock jumped 21 percent while the S&P 500 climbed six percent. Much of the August bullishness in shares of Macau little river casino and resortoperators was derived from positive news on the travel front. is boomtown casino open In the middle of the month, the city of Zhuhai in Guangdong province started reissuing tourist visas, followed by the rest of the region on Aug. 26. VIP CommentaryGoldman isn’t enthusiastic about the state of Macau’s VIP market. josh gates mohegan sun casino The concern is relevant regarding Wynn because the operator is one of the concessionaires in the special administrative region (SAR) most dependent on a higher-end clientele. As such, we downgrade WYNN to Neutral from Buy and remove it from our Conviction List, with a 12-month target price of (vs prior),” writes Grambling. b casino trustpilot However, there are some signs of improvement that could benefit Wynn. caesar casino slots south lake tahoe casinos map

Data points indicate the September contraction in Macau gross gaming revenue (GGR) should be less severe than what was seen in the previous five months, and that the fair start to this month for concessionaires there is being propelled by the premium mass and VIP segments. twin river casino phone number There’s also evidence that visits to the gaming center are starting to pick up, albeit modestly. Last weekend, arrivals totaled 13,000 and 9,700, respectively on Saturday and Sunday, compared with 10,500 and 9,500 during the last weekend of August. Waiting on MoreFor Macau operators, including Wynn, the near-term outlook boils down to a waiting game. riverwind casino employment That is, waiting for the impact of individual visit scheme (IVS) visa reissuance to take hold. Guangdong, the mainland province closest to the gaming hub, is jlittle river casino and resortust two weeks into granting IVS permits again, and it’s taking a week to 10 days to get those passes into the hands of tourists. How To Play Video Poker In Casino Fehd In other words, it’s going to take some time for Wynn and its rivals to see the benefits of looser travel policy on top and bottom lines. Assuming no flare-ups of coronavirus cases, the rest of China will resume issuing IVS visas on Sept.

23, meaning it will be October before Wynn and its counterparts get a lift from that policy. For Macau operators, the tenth month of the year will be pivotal, because the first week includes Golden Week. Slot Machine Casino Online Hott The festival will have a profound effect on concessionaires’ fourth-quarter rebound aspirations. paragon casino booking Shares of Penn National Gaming (NASDAQ: PENN) are standing out after the company said it’s close to rolling out the