Wynn Resorts: 6 Reasons to Ante Up for the Stock

Core Viewpoint - Wynn Resorts Ltd. shares have declined 4.7% year-to-date, trading closer to its 52-week lows, while the S&P 500 index has risen 16.69% YTD, presenting a potential buying opportunity for investors [1] Group 1: Market Conditions - The closure of Tropicana and Mirage in Las Vegas will reduce room capacity by nearly 5%, potentially increasing demand for existing hotels like Wynn [2] - Investor sentiment in Las Vegas remains low due to rising labor costs and macroeconomic uncertainty, but average daily room rates are increasing, indicating room for growth as occupancy has not yet returned to pre-pandemic levels [3] - Macau's gross gaming revenue rose 16.4% YoY to $2.5 billion in May 2024, with a 41.9$1.38 billion and net revenue of $1.8 billion [5] - Analysts have upgraded WYNN shares following a strong Q1 2024 performance, with EPS of$1.59 and revenues of $1.86 billion, leading to a consensus rating of "Moderate Buy" [6] Group 3: Technical Analysis - WYNN stock is forming a bullish shark pattern, with potential upside targets of$99.06 and $110.38, indicating a possible rebound in stock price [7]