no deposit bonus casino gamesAn analyst downgraded Wynn’s stock today, citing exposure to that market and weakness in Las Vegas.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.chinook winds casino jackpot winners(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 .(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 .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.lucky dragon net games

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hard rock casino orlando“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.But Bain sees risks by way of a lack of liquidity among high-end players, new room supply coming to market, and a dearth of Hong Kong dollars flowing into the gaming hub because travel remains limited between the two SARs.“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.how to win zeus slot machineBut Bain argues Diller’s company may have paid too much for the privilegroyal ace casino free spins no deposite.“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.“To be clear, we believe IAC ownership is a positive for MGM.downstream casino rv park

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golden nugget casino corporate officeRisky 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.BetMGM is a joint venture with GVC Holdings, meaning MGM has to share the economics with its UK-based partner.Wynn Macau and Wynn Palace, along with the special administrative region’s (SAR) other casinos, were closed for 15 days in February because of the coronavirus pandemic.Raining on the ParadeIAC getting involved with MGM is much more about the gaming company’s online casinos and BetMGM units than it is about land-based integrated resorts.“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.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.new no deposit online casinos