Thursday, April 9, 2009 | 12:03 p.m.
Steve Wynn, Part I
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Uncertain Futures, seg. 2
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Uncertain Futures, seg. 3
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Uncertain Futures, seg. 4
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Steve Wynn, Part I
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FacebookAn analyst lifted Wynn Resorts Ltd.'s price target Thursday, saying the casino operator will probably be able to meet its financial obligations.
"The company has a very small margin of error on the U.S. covenants, but we believe that any number of measures, including cost saving initiatives, or Las Vegas performance in excess of our conservative estimate, will give the company more room to maneuver," Bernstein Research analyst Janet Brashear wrote in a client note.
The analyst said the Las Vegas-based company is considered a fairly stable investment within the casino sector because it only has the Wynn Encore Macau under construction.
"The stock has held value relative to competitors who are more overextended as investors prize safety over growth," she explained.
Brashear maintained an "Outperform" rating and raised Wynn's price target to $30 from $27.
The company's shares jumped $3.26, or 11.8 percent, to $30.94 in afternoon trading. The shares have traded in a 52-week range of $14.50 to $119.74.
With world-class dining, shopping, spas, golf and entertainment, there's no shortage of things to do at Wynn. The resort’s aquatic acrobatic show, “Le Reve—The Dream,” a creation by Cirque Du Soleil veteran Franco Dragone and Steve Wynn, will leave guests wanting more with its breathtaking performances that conjure an imaginary world. The Wynn Esplanade offers a unique shopping experience with stores including Chanel, Manolo Blahnik, Christian Dior, Oscar de la Renta and many more. Tryst is its signature nightclub, offering a secluded lagoon inside the club and spacious dance floor. Blush, the Wynn’s ultra lounge, draws swanky party-goers. Tryst, Wynn’s signature nightclub, is situated along a private lagoon under a 90-foot waterfall and plays host to some of the world’s most renown DJs.
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