Wynn Resorts Ltd. (WYNN – Analyst Report) continues to gain in the stronger global economy, recently hitting a new multi-year high at $117.50 as its new Casino in Macau produces big returns. With a bullish next-year EPS growth estimate and a high industry rank, this Zacks #1 rank stock is no dice roll on momentum. Along with stocks like Las Vegas Sands and MGM Resorts, Wynn has been a monster stock since bottoming off of lows two years ago.
With its subsidiaries, Wynn Resorts develops, owns and operates casino resorts in Las Vegas and China. The company was founded in 2002 and has a market cap of $14 billion. We got an update on Wynn’s business on Nov. 2 when the company reported strong Q3 results in which CEO Steve Wynn said he potentially sees a bottom in Vegas.
The primary driver of the strong quarter was the company’s Macau resort, its new gaming facility in China that saw revenue increase 54% from last year to $671 million. Non-gaming revenue was also strong, up 66% to $77.5 million as retail and restaurant revenue surged.