bellagio casino chipsThat’s fine in a normal operating environment, and it’s exposure that’s served Wynn investors well over the years.That helped it amass a large cash hoard that kept it afloat during the multi-month shutdown of domestic casinos.“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.turtle creek casino and hotel traverse cityBut there are issues, there, too.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.1 billion in cash, giving it its strongest balance sheet ever.four winds casino golf packages

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slot casino offersThe 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.“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.(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 .cache creek casino in woodlandThe gaming company struck while the iron was hot, commanding strong pricing on those properties prior to the onset of the pandemic.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.Additionally, the business will generate just 0 million in revenue this year, with profitability three years away, according to the Roth analyst.kansas star casino roulette

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no deposit bonus best casinoShares 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.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.But there are issues, there, too.That helped it amass a large cash hoard that kept it afloat during the multi-month shutdown of domestic casinos.Now, MGM has .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.free slots uk no deposit