Wynn downgraded to hold by Argus

Wynn Resorts International has been downgraded from buy to hold by analysts at Argus, one day after the firm downgraded rival Las Vegas Sands.The move follows the third consecutive monthly drop in gross gambling revenue in Macau, with August figures showing a 6.1 percent drop. That was mostly led by a decrease of about 17 percent in VIP revenue, analysts say.Despite the downgrade, Wynn was trading slightly higher in Friday afternoon trading in New York. However, the stock is down some 25 percent since its 52-week high hit in March.

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