Last week has been a dull week in terms of events or major announcements for Wynn Resorts (NASDAQ:WYNN). However, its share price did witness a decline of approximately 10% past week. We believe this decline is part of the worldwide broader market decline. S&P 500 also witnessed a decline of 4.5% last week. Other casino operators like Las Vegas Sands (NYSE:LVS) and MGM Resorts International (NYSE:MGM) also witnessed a significant fall in their stock prices.
Wynn’s credibility in the market did increase with the positive upgrade announced by Moody’s Investors Service. The rating agency raised its credit rating on Wynn Resorts one notch closer to investment grade. The raised rating is a result of Wynn’s strong operating results in the Macau region and the growth potential of the booming Macau casino market. [1] Presently, the Macau region contributes approximately 60% to Wynn’s net revenues.
Wynn also announced a cash dividend of $5 per share on its stock. The stock went ex-dividend date this past Monday. [2]
See our complete analysis for WYNN stock here
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Notes:- Moody’s Raises Wynn Resorts Rating On Growing Macau Market, Wall Street Journal [↩]
- Wynn Stock To Go Ex-dividend Monday, The Street [↩]
