downstream casino logoBut 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.That helped it amass a large cash hoard that kept it afloat during the multi-month shutdown of domestic casinos.Last month, Barry Diller’s IAC paid billion to acquire 12 percent of MGM’s equity, sparking a rally in the stock.little river casino boat“We believe certain operators are structurally better positioned from the more visible, long-term dynamic Macau raging bull casino websitegaming market than Wynn.Now, MGM has .“To be clear, we believe IAC ownership is a positive for MGM.free slot machines no money

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harrah casino nc(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 .The analyst points out that a VIP-led recovery in Macau may not materialize to the extent market observers previously believed, and that could weigh on Wynn equity.That’s fine in a normal operating environment, and it’s exposure that’s served Wynn investors well over the years.riverwind casino events(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 .The gaming company struck while the iron was hot, commanding strong pricing on those properties prior to the onset of the pandemic.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.firekeepers casino login

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casino roulette wheel lucky numbersThe Wynn Macau is pictured above.oyment, owing to the COVID-19 pandemic.But 2020 is far from the usual climate for gaming companies.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.But Bain argues Diller’s company may have paid too much for the privilegraging bull casino websitee.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.online casino yukon gold