If we get a bounce, as I have been setting up for, the market will take some crappy stocks with it. Once these stocks near resistance levels, that's when I will switch from my short term long bias and establish more shorts. This chart of WYNN is a good example of what I am looking for.
I went short WYNN today at $85.03. I only took a small position because I could a move up to the 20 day moving average. I would likely take a full position at that level.
6/27 - "Las Vegas gaming operators continue to feel the pressure of higher fuel prices and a sluggish economy. In Macau, revenue and visitor growth are still strong, only not as strong as many on Wall Street expected. Furthermore, higher global interest rates could exacerbate competitive pressures in both Las Vegas and Macau. For these reasons, we are lowering our earnings estimates on WYNN and suggest that investors view the gaming sector very cautiously in the near term. Longer-term, Wynn Resorts has among the best growth pipelines in the industry."
"Between 150 well located acres in Las...
Wynn Resorts, Limited, together with its subsidiaries, engages in the development, ownership, and operation of destination casino resorts. The company owns and operates Wynn Las Vegas casino resort in Las Vegas, which includes 22 food and beverage outlets comprising 6 dining restaurants, 2 nightclubs, 1 spa and salon, 1 Ferrari and Maserati automobile dealership, wedding chapels, an 18-hole golf course, meeting space, and foot retail promenade featuring boutiques. As of December 31, 2007, Wynn Las Vegas casino resort featured 140 table games, 1 baccarat salon, private VIP gaming rooms,...
Possible overvaluation: the P/E ratio is now at a massive 63! Even if the company was capable to meet its profit targets with absolutely no risk, the P/E would still be 35, ripe for a crash. This stock is a pure gamble, and you would get better value in Vegas. Good Luck, ~~~~Shane Halloran.
Steve Wynn created the Mirage, Treasure Island and Bellagio and sold them off to MGM. From his money he made from those sales he created WYNN Casino and Resorts. I've visited WYNN Macau and I believe they will become more profitable because of their location in Macau. The "Big Four" in Macau(Las Vegas Sands, The Lisboa, The Grand Lisboa and Wynn Resorts) create more revenue than Las Vegas combined.
Though 55% was less than expected....as the analyst at JPMorgan was saying....Septemebr is the slowest month and October's second week will start pulling traffic again increasing the revenue to peaks. This should be a buy on weakness....may be buying tomorrow on 4/10/2007would be a good idea...after a bottom has been made. Support between 150 and 145 lookz promising to me.
LOS ANGELES (Reuters) - Wynn Resorts Ltd (WYNN.O: Quote , Profile , Research ) posted a bigger-than-expected profit on Monday on net revenue that more than doubled on growth in Las Vegas and China's gambling haven, Macau, and the company's shares jumped 10 percent in extended trading.
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About Wynn Resorts Ltd
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