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Wynn's (WYNN) the Winner From a New Cotai Land Win

Posted by The Staff on Apr 18, 2012 3:07 PM

Wynn Resorts (Nasdaq: WYNN) shares are up 5 percent Wednesday after analysts estimate that a new Cotai, Macau land purchase could add $30 per share.

At $130 per share intraday, Wynn trades near the center of its 52 week range between $101 and $172.

Shares have been under pressure because of fears that the company was reaching capacity in its gaming business. The new property would be a good step forward in creating additional long term revenue growth for the gaming company, although the land deal has not yet been finalized.

Nomura Securities today maintained its buy rating on Wynn with a price target of $139.

Commenting on the potential land purchase, the Nomura analyst said, "this should be the much-coveted land gazette, which will allow Wynn to begin construction. However, it appears a concrete opening date has yet to be decided by the Lands and Public Works Bureau."

Wynn is not currently in the ESA Top 100, although maybe they should be.

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