Neutral - Price 49 on May 5
by JPMorgan

WYNN reported a 1Q09 adjusted property level [earnings before interest, taxes, depreciation and amortization] of $158.5 million, in line with our $161 million estimate. Las Vegas, reflecting a slow and early 1Q09 ramp at the newly opened Encore, came in at $43.9 million, below our E$57.5 million, but likely ahead of recent expectations....For Las Vegas, net revenues were $291.3 million, versus our E$288.6 million. For Macau, 1Q09 net revenues were $448.7 million, versus our E$437.7 million. Market cap: $6 billion.

Q: Turning to a different sector, another of your long-time holdings is Wynn Resorts. What's to like there?

A: We invested in Wynn Resorts (WYNN) this time around in 2001, and we bought about 10 or 11 million shares for about $135 million, and we got about $70 or $80 million of dividends back. We sold half of our stock between 100 and 150. But unfortunately for us, we didn't sell the other half, which went from 170 in the fall of 2007 down to around 19 recently. In March, we bought about 1.7 million shares when they were at 19. They are now at 39 and change. We think Wynn has been well-managed financially. At the peak, the company was valued at $10 billion or $11 billion, when it was selling for a high multiple on peak earnings. Now it is selling for a low multiple on trough earnings.

love vegas

Wynn Entertainment (WYNN) was among the casino companies leading the sector higher a day after it announced a new debt agreement. Read more here.

Cramer: Leaving Las Vegas: Jim Cramer doesn't like the gaming sector and says Las Vegas has not hit rock bottom yet.
Click here to watch the video.

From a recent Mad Money show:"I like the bonds more than the stock. I don't want to touch International Game Technology (IGT), MGM Mirage (MGM) or Las Vegas Sands (LVS). I'm concerned about the whole group. I don't want to touch any of them."

Wynn Resorts (WYNN) is doing the same.

Because having a ticker symbol as my last name would be so cool.

PE of 29.7, and a PEG of 1.59.

The Real Story Wrap: August 12:
A spate of negative headlines in the financial space, as well as several downgrades, send U.S. stocks downward. Oil closes at $113 a barrel.

Click here to watch the video.

Las Vegas is in deep trouble

highly leveraged

people are not gambling

dog

Slowing economy.

BAD MANAGEMENT

overvalued