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Wynn Stocks See An Uptick Post Barclays Upgrade

Barclays analysts gave Wynn Resorts stock a significant upgrade as the Macau casino recovery gathered pace, with the operations in Las Vegas remaining strong despite the tough macroeconomic conditions. The Barclays analysts raised the price target from $120 to $135, citing a 31% upward move to their price on Tuesday. It also saw casino operator’s shares being upgraded from Equal Weight to Overweight by the analysts.

The value of the stock has climbed 25% as of Tuesday’s close. However, it is worth noting that much of the gain in the value came during the months of January and February. Those shares are currently being traded 11% below their highest closing price in 2023, which was on 3rd March.

Wynn Resorts: Bouncing Back with a Bang 

Wynn’s Macau property portfolio has returned to profitability during the first quarter. The Ebitda (earnings before interest, taxes, depreciation, and amortization) posted by the company was adjusted to $155.8 Million, up from a $5.5 Million loss the previous year. The current numbers go back up to around 40% of what the firm was doing in 2019.

Wynn Resorts CEO, Craig Billings spoke during an earnings call last week and revealed how the gross gaming revenue in the region needs to hit an annual run rate of $26.5 billion for the company’s Macau Ebitda to reach 2019 levels.

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The analysts at Barclays are not just excited about Macau’s recovery but also the strength of Wynn’s Las Vegas operations. In the first quarter, the company had earlier reported a record $232 Million adjusted property Ebitda in Las Vegas. According to the management, it was their best-ever April, as revealed during an earnings call.

Barclays analysts also revealed that they are confident and don’t feel things will slow down in Vegas. With many international visitors set to return soon, there could be a tailwind throughout 2023 and the next. The top boss at Wynn also said, “We increasingly believe Wynn will be able to hold onto recent property performance in Las Vegas in spite of macro conditions worsening, or at least hold on better than we think current investor expectations assume.” It is also important to note that Wynn stock pointed close to 3% higher at $105.77 before the opening on Wednesday.

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