I think Wynn (Wynn) is a great but at $34.00. What's your opinion ?
When the economy improves Wynn will be the leader in the gaming industry & will be back over $80.00 a share. Going long on this stock is the right play now in my opinion.
Best Answer
904 points
jillybeansisme answered 10 months ago …
WYNN was an IPO that opened at $15, went up a few bucks, dropped to $10.20/share and then proceeded to go to approximately $173+/share. The economy took a nosedive, in case you weren't aware. Then Wynn opened Encore. The economy is still down.
Las Vegas is hurting. There have been massive layoffs. Most workers work for $6.15/hour plus tips. People aren't tipping. Tips are down 40%. We're working alot of 4 day work weeks. They've cut benefits down. There have been more layoffs and more expected layoffs.
President Obama made a comment to the effect that bailout money shouldn't be used for trips to Las Vegas. While I don't believe he was targeting Las Vegas, I believe he meant that bailout money shouldn't be used in a frivolous manner, that comment hurt Las Vegas. One Insurance carrier cancelled its convention due to perception. That's 11,000 room reservations that got cancelled.
Eventually, WYNN stock will come back as will MGM; however, it may take 3-5 years. I would think there would be better opportunities in other sectors. This comes from somebody who lives in Las Vegas, works in Las Vegas, and used to own shares of WYNN.
Answers
678 points
BoxCar answered 10 months ago …
Sorry to break the news to you but read www.moneyandmarkets.com to realize the
economy ain't coming back- reminds me of the Waco, TX standoff with BATF and
the Branch Dividians back in 1992. When I called FBI in Waco, offering to assist in
negotiating a surrender, I got a chilling reply- "There ain't gonn'a BE a surrender!"
You know the rest of the story, you can say the same for the global economy, that
"There ain't gonn'a BE a recovery".....not in my lifetime (age 70)
