{"id":216413,"date":"2022-06-08T11:14:18","date_gmt":"2022-06-08T18:14:18","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=216413"},"modified":"2022-06-08T12:31:18","modified_gmt":"2022-06-08T19:31:18","slug":"wynn-tops-list-of-casino-customers-household-income","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/wynn-tops-list-of-casino-customers-household-income\/","title":{"rendered":"Wynn Has Most Affluent Casino Patrons, According to Wells Fargo"},"content":{"rendered":"

With the Consumer Price Index (CPI) residing at four-decade highs, inflation is a prime concern for casino operators. But Wynn Resorts (NASDAQ:WYNN) may have some immunity because of the affluence of its customer base.<\/p>\n

\"Wynn
Wynn and Encore Las Vegas on the Vegas Strip, above. The operator’s customers have high household income, says Wells Fargo. (Image: Vegas Means Business<\/em>)<\/figcaption><\/figure>\n

In a new report, Wells Fargo analyzes household income trends of visitors to a variety of Strip, Las Vegas locals, and regional casinos. The study identified which operators could be vulnerable to reduced consumer spending caused by rampant inflation<\/a>.<\/p>\n

We analyzed average household income (HHI) data for visitors to \u2026 U.S. casinos to gauge which operators are most exposed to the lower\/middle income customer, where food\/fuel\/broader inflationary pressures could reduce gaming\u2019s wallet share,\u201d according to the bank.<\/p><\/blockquote>\n

Based on customers\u2019 average HHI, Wynn comes out on top at almost $109,000. That\u2019s well ahead of second-place MGM Resorts International (NYSE:MGM). Customers of MGM, the largest operator on the Las Vegas Strip, sport an average HHI of $94,352, notes Wells Fargo.<\/p>\n

Wynn is deriving benefit from its well-heeled clientele because its Las Vegas venues<\/a> and Encore Boston Harbor are sources of strength when Macau \u2013 the operator\u2019s largest market \u2013 remains littered with headwinds.<\/p>\n

Some Surprises on Wells Fargo List<\/h2>\n

For experienced casino industry observers, it\u2019s probably not surprising that Wynn customers are big earners. And it may not be earth-shattering news that MGM is second on the list and Caesars Entertainment (NASDAQ:CZR) is third, given the massive Strip footprints of the latter two.<\/p>\n

\n

The eye-opener on the Wells Fargo list is Red Rock Resorts (NASDAQ:RRR),<\/a> which checks in at fourth with an average customer HHI of $82,279. That\u2019s a testament to increasingly favorable demographics in Las Vegas, which has been flooded with Californians seeking a lower cost of living in recent years. All of Red Rock\u2019s venues are located in the Las Vegas Valley and cater to locals.<\/p>\n<\/div>\n

The Wells Fargo analysts believe Red Rock has some insulation against inflation and views the shares as attractively valued.<\/p>\n

\u201cShares are down 28% year to date, and RRR’s 8.6x 2023 estimated enterprise value-to-EBITDA is a 15% discount from historical levels,\u201d said the analysts. \u201cWe see about $40 as an attractive entry point for RRR, with the potential impact from a slowing at the lowest end of its database likely minimal.\u201d<\/p>\n

Bally\u2019s, Churchill Downs Could Be Vulnerable<\/h2>\n

Still, soaring consumer prices<\/a> could crimp some gaming operators. Wells Fargo notes the average HHI for customers of Churchill Downs (NASDAQ:CHDN), Bally\u2019s (NYSE:BALY), Boyd Gaming (NYSE:BYD), and Penn National Gaming (NASDAQ:PENN) ranges from $73,531 to about $75,000.<\/p>\n

Those companies are considered regional operators, meaning they could be pinched by consumers looking to avoid high gas prices by not driving to casinos. Of that quartet, only Boyd has significant Las Vegas locals exposure. Bally\u2019s and Penn operate one Las Vegas venue apiece.<\/p>\n

\u201cGiven their regional exposure, Penn National, Boyd, and Caesars would likely be most impacted from a slowdown among lower-income households, though we believe much of this is already reflected in valuations\/share prices,\u201d <\/strong>Wells Fargo added.<\/p>\n","protected":false},"excerpt":{"rendered":"

With the Consumer Price Index (CPI) residing at four-decade highs, inflation is a prime concern for casino operators. But Wynn Resorts (NASDAQ:WYNN) may have some immunity because of the affluence of its customer base. In a new report, Wells Fargo analyzes household income trends of visitors to a variety of Strip, Las Vegas locals, and […]<\/p>\n","protected":false},"author":46,"featured_media":216414,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10],"tags":[],"acf":[],"yoast_head":"\nWynn Tops List Of Casino Customers Household Income<\/title>\n<meta name=\"description\" content=\"Wynn sits atop a Wells Fargo list measuring casino customers household income.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wynn Tops List Of Casino Customers Household Income\" \/>\n<meta property=\"og:description\" content=\"Wynn sits atop a Wells Fargo list measuring casino customers household income.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/wynn-tops-list-of-casino-customers-household-income\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-08T18:14:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-06-08T19:31:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/06\/wynn.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/wynn-tops-list-of-casino-customers-household-income\/\",\"url\":\"https:\/\/www.casino.org\/news\/wynn-tops-list-of-casino-customers-household-income\/\",\"name\":\"Wynn Tops List Of Casino Customers Household Income\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-tops-list-of-casino-customers-household-income\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-tops-list-of-casino-customers-household-income\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/06\/wynn.jpg\",\"datePublished\":\"2022-06-08T18:14:18+00:00\",\"dateModified\":\"2022-06-08T19:31:18+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Wynn sits atop a Wells Fargo list measuring casino customers household income.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-tops-list-of-casino-customers-household-income\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/wynn-tops-list-of-casino-customers-household-income\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/wynn-tops-list-of-casino-customers-household-income\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/06\/wynn.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/06\/wynn.jpg\",\"width\":1200,\"height\":675,\"caption\":\"Wynn and Encore Las Vegas. 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