traveling to Macau for the past two years<\/a>.<\/p>\nStock Price Affected<\/h2>\n
Despite profits being robust for the first year of the $4.2 billion Wynn Palace, the facility was partly responsible for a lower than expected second quarter earnings report. As a result the stock lost eight percent of its value over two days when the news was announced last week.<\/p>\n
Even though it wasn\u2019t what analysts had anticipated, the period\u2019s earnings were slightly better than expected. That didn\u2019t sway speculators, who are nervous about lower foot traffic at the casino.<\/p>\n
Several financial institutions are not bullish about the stock. Telsey Advisory Group downgraded WYNN to “market perform” from “outperform,” and Union Gaming downgraded the stock to “hold” from “buy,” though lifted its price target by $2 to $142. Susquehanna cut its price target to $129 from $131.<\/p>\n
The stock did hit a two-year high of $139.67 on June 26, but many of the analysts have downgraded it since then from a “hold” or worse rating.<\/p>\n","protected":false},"excerpt":{"rendered":"
Casino magnate Steve Wynn reported during a call with stock analysts, Tuesday that a group of high rollers playing baccarat won $10 million from his Wynn Palace in Macau in April. It was one of the largest reported cashes for the game in a casino. The amount shocked the 75-year-old billionaire. Not because of the […]<\/p>\n","protected":false},"author":42,"featured_media":55653,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,18],"tags":[],"acf":[],"yoast_head":"\n
VIP Gamblers Win $10 million from Wynn Palace Macau<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n