• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Goldman Sachs downgrades Wynn Resorts after Aug uptick

Sep 09, 2020 Newsdesk Latest News, Macau, Top of the deck, World  


Goldman Sachs downgrades Wynn Resorts after Aug uptick

Investment banking group Goldman Sachs has downgraded the stock of United States-based casino operator Wynn Resorts Ltd, to ‘hold’ from ‘buy’.

In a Monday note, the institution also removed the shares from its so-called conviction-buy list, mentioning as a factor, slow recovery in terms of getting to pre-pandemic business levels at Wynn Resorts’ Macau operation. The latter is normally a major contributor to the brand’s earnings.

Wynn Resorts, an operator also in the Las Vegas, Nevada, and Boston, Massachusetts markets, is the parent of Macau casino licensee Wynn Macau Ltd.

August gains in Wynn Resorts shares had contributed to the downgrade, said Goldman Sachs. Wynn Resorts’ stock had risen 14.0 percent toward the end of that month, from US$80.28 on August 20, to US$91.55 on August 28, according to Bloomberg data.

At the close of business in New York on Tuesday, Wynn Resorts’ shares stood at US$82.68, down 5.75 percent on the day.

On August 5, Hong Kong-listed Wynn Macau Ltd had confirmed a nearly US$351.6-million net loss in the second quarter, compared to a US$168.6-million profit in the equivalent quarter a year earlier.

Wynn Macau Ltd had said its operating casino revenues for the three months to June 30 were negative by almost US$15.0 million, impacted by negative VIP hold.

Brokerage Sanford C. Bernstein Ltd had nonetheless stated in a Monday note that “over the near term,” as Macau gross gaming revenue (GGR) “begins to recover, we prefer beaten-down operators who have greater exposure to premium consumers”. That institution singled out Melco Resorts and Entertainment Ltd and Wynn Macau Ltd.

In the same note, Sanford Bernstein had estimated that average Macau daily GGR in the first six days of September was nearly double the average daily rate across the whole of August.

It mentioned that had coincided with an uptick in the volume of mainland Chinese visiting Macau, as China engaged in a phased return of its Individual Visit Scheme exit visas for tourism to Macau.


  • tweet
Related articles
  • No swift resumption of dividends for most Macau ops: GS
    No swift resumption of dividends for...

    Sep 19, 2023  

  • Likely some UAE gaming regulation this year: JPM
    Likely some UAE gaming regulation this...

    Sep 18, 2023  

More news
  • GEN Malaysia stable outlook, rebound taking its time: Fitch
    GEN Malaysia stable outlook, rebound...

    Sep 21, 2023  

  • Golden Week Macau GGR to be 17pct up on rest of Oct: MS
    Golden Week Macau GGR to be 17pct up on...

    Sep 21, 2023  


Latest News

GEN Malaysia stable outlook, rebound taking its time: Fitch

GEN Malaysia stable outlook, rebound taking its time: Fitch

Sep 21, 2023  

Fitch Ratings Inc has affirmed the long-term issuer default rating of casino operator Genting Malaysia Bhd at ‘BBB’, an investment grade, according to a memo published on Wednesday. The ratings...
Read More
Golden Week Macau GGR to be 17pct up on rest of Oct: MS

Golden Week Macau GGR to be 17pct up on rest of Oct: MS

Sep 21, 2023  

Philippine Senate committee supports ban on POGOs

Philippine Senate committee supports ban on POGOs

Sep 21, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

”Genting Malaysia’s revenue rebound has been slower than our expectations, and the impact on leverage has been compounded by Empire’s weak metrics”

Akash Gupta, Shiv Kapoor and Hasira De Silva

Analysts at Fitch Ratings



Most Popular

  • No swift resumption of dividends for most Macau ops: GSNo swift resumption of dividends for most Macau ops: GS September 19, 2023
  • Macau logs 3.2mln visitors in Aug, only 4pct from overseasMacau logs 3.2mln visitors in Aug, only 4pct from… September 20, 2023
  • Sept daily Macau GGR rebounds after storms: brokerageSept daily Macau GGR rebounds after storms: brokerage September 18, 2023
  • Hengqin-Macau tour reboot for mainland consumers: MGTOHengqin-Macau tour reboot for mainland consumers: MGTO September 19, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us