Wynn Resorts' (WYNN) Stock up 35% in a Year: More Upside Left?

by Jacob Solomon Mar 18, 2023 News
Wynn Resorts

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Wynn Resorts is poised to benefit from sports-betting expansion, non- gaming revenue boosting strategies and expansion efforts. There's a 10-year gaming concession in Macau.

Wynn Resorts has gained 34.9% in the past year against the decline of the industry. Analysts are optimistic about the company's growth potential. In the past 30 days, the consensus earnings estimate has increased by 262.5%.

Factors Likely to Drive Growth

Sports betting has been a focus of Wynn Resorts. The company will invest $640 million to grow. WynnBET has been operating in New Jersey for a while. Third-party partnerships have been strengthened through agreements with the Detroit Lions. Several engaging content creators collaborated with the company to create a sports themed program.

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New product features and a unique marketing campaign are expected to generate revenue. A green signal by the Massachusetts Senate regarding the Sports Betting Bill is likely to act as a catalyst for Wynn Bet. Wynn Resorts focuses on non- gaming avenues to drive growth. The company witnessed strong growth in its non- gaming business during the fourth quarter of the year. Non-gaming revenue increased during the quarter. Innovative non-gaming investments drive increased tourism and shareholder returns. Investments in a theater and an entertainment center are included. Wynn Resorts derives a good amount of its revenues from Macau, the largest gaming destination in the world. The company is optimistic about the future in Macau. The gaming industry in Macau seems to have bottomed out as China's economy is starting to gain traction. Wynn Resorts entered into a 10-year agreement with the Macau government for the renewal of its gaming concession. The company expects capex related to concession commitments to be in the range of $50 to $220 million in the years to come. The company believes that the proposed capex and programming will drive growth in the future.

There is emphasis on the expansion of new markets. An agreement has been reached to build a multi-billion dollar integrated resort on the artificial Al Marjan Island. This is the first time that Wynn Resorts has ventured into a new market. The resort is expected to open in the year 206. This will be the company's first resort in the Middle East and North Africa. There will be more than 1,000 rooms, top-notch shopping venues, a state-of-the-art meeting and convention facility, an exclusive spa and more at the hotel. The company made progress with the project design during the fourth quarter of the year. There are opportunities arising from the backdrop of the beach.

Zacks Rank & Other Key Picks

Wynn Resorts has a strong buy rating from the analysts. Here, you can see the complete list of today's top ranked stocks.

Las Vegas Sands Corp. is one of the top ranked stocks in the sector.

Las Vegas Sands sports a Zacks Rank #1. LVS has a long-term earnings growth rate of 2.5%. The stock has increased 39.8% in the past year.  The Zacks Consensus Estimate for LVS’ 2023 sales and EPS indicates a rise of 107.7% and 217.5%, respectively, from the year-ago period’s estimated levels.  Hilton Grand Vacations currently sports a Zacks Rank #1. HGV has a trailing four-quarter earnings surprise of 12.1%, on average. Shares of HGV have declined 18.7% in the past year.  The Zacks Consensus Estimate for HGV’s 2023 sales and EPS indicates a rise of 7.1% and 10.8%, respectively, from the year-ago period’s levels.Crocs carries a Zacks Rank #2 (Buy). The company has a trailing four-quarter earnings surprise of 21.8%, on average. Shares of Crocs have increased 45.9% in the past year.

The consensus estimate for the company's sales and earnings per share in the next five years shows a rise from the previous year's levels.

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