Wynn Palace set to open in 2015
First-quarter revenue results for Wynn Resorts surpassed analyst estimates by more than $.20 per share for double-digit net income growth of more than 14 percent, reports the Motley Fool. Though Vegas was down 1.5 percent, Macau more than made up the slack, growing 14.3 percent for the period.
On the earnings call, CEO Steve Wynn indicated that Vegas is doing fine, and could at last be able to fill the resorts and rooms built during the pre-recession boom.
But not surprisingly, Wynn plans to expand his investment in Macau. Wynn Palace is expected to open in the beginning of 2015. Wynn stock is now “nearly 24 times forward estimated earnings,” reported the Fool, but has the potential to “continue the near vertical run it’s been on over the past few years. Management is the best in the business, and the company’s ability to get more out of each unit and segment than its competitors allows its smaller footprint to remain competitive with the larger players such as Las Vegas Sands.”
