Monday, August 08, 2022

Wynn stocks rally ahead of opening: Morgan Stanley

Wynn Macau stock has already outperformed year to date ahead of the opening of Wynn Palace, said Morgan Stanley analysts in a note on Tuesday.

“Historically, stocks tend to outperform peers between the announcement of the opening date and the actual opening of the new casinos…. However, we think this could have been priced in for Wynn Macau as the stock has already outperformed year to date,” said the brokerage.

On Monday, Wynn Resorts announced the opening date its new resort will be August 22, 2016 in-line with expectations.

“The Company expects that the opening of Wynn Palace will help launch a new era of prosperity for Macau, attracting more international tourists to the city and further supporting its development as a world center of tourism and leisure,” the operator said in a press release.

On a related note, Bernstein in its weekly update also noted that while there have been no indication on the number of tables that will be alloted to the property, based on the number of new tables awarded to Galaxy Macau Phase 2 and Studio City, the brokerage said it believes Wynn Palace could receive a similar number of tables of around 250, with another 140 tables to be transferred from Wynn Macau for a total of 400 tables. 

Asia Gaming Brief is a news and intelligence service providing up to date market information for worldwide executives on relevant gaming issues in Asia.

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