Gaming: Deutsche Bank looks for Wynn shares
Twin towers of Deutsche Bank headquarters in Frankfurt. Deutsche Bank is Germany’s biggest bank.
Deutsche Bank issued a buy rating last Sunday morning for Wynn Resorts with a target price set at US$80. Analysts highlighted the risks associated with Macau’s fluctuating visitation data as well as changing regulations concerning visa applications of Chinese visitors.
Wynn is recognized by analysts to be one of the strongest brands in the casino industry, with a solid balance sheet and prudent approach to capital. Wynn’s total debt to asset ratio is 63.67 percent.
According with the Gaming Operating Stock website, a Deutsche analyst said “We view Wynn’s Macau offerings (inclusive of the opening of Encore in 2010) as being in a sweet spot when thinking about growth in the VIP segment. We think Wynn carries considerable brand equity and is operationally well-geared to achieve double-digit EBITDA growth in Macau for the foreseeable future.”
The analyst also implied that although Wynn has been negatively impacted by the downturn, its enviable position of price leadership should enable it to lead an eventual recovery.
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