The market’s perception of Wynn Resorts as a sunny island of calm amid stormy conditions may be changing.
A Citigroup analyst recently initiated a sell rating on its stock, mainly on the back of issues related to its Las Vegas operation.
The note said the opening of the USD2.3 billion Encore resort in Las Vegas, on 22nd December, could hurt Wynn if the property’s performance is slow to ramp up.
It also cites concerns that Encore could cannibalise business from Wynn Las Vegas.
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