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Why is Wynn Resorts (WYNN) Stock Down Today?
On Friday, shares of luxury resort and casino operator Wynn Resorts Ltd. (WYNN - Free Report) are falling, down over 2.5% in morning trading after the company’s Macau resort will be allocated only 100 live gaming tables this year, a number lower than what its peers received.
Macau’s Secretary for Economy and Finance Lionel Leong announced that the government would allot 100 tables to Wynn Macau for Wynn Palace in 2016, and in January, the resort will receive 25 tables and then an another 25 tables in January 2018.
The 100 initial tables will be set up for the mass market segment, but the total 150 tables is well below the amount Wynn’s competitors were given. Both Peers Galaxy Entertainment and Melco Crown received 250 table for their new gaming properties.
As a result, analysts at Union Gaming lowered its rating on Wynn Macau to ‘Hold’ from ‘Buy.’
WYNN stock currently sits at a #3 (Hold) on the Zacks Rank. It has gained over 48% year-to-date, and more than 3% over the past one year.
WYNN RESRTS LTD Price and Consensus
WYNN RESRTS LTD Price and Consensus | WYNN RESRTS LTD Quote
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