Wynn Resorts' New York Casino Bid Sparks Analyst Optimism
- Wynn Resorts is expected to complete its UAE project this year, enhancing its market position.
- Analyst Stephen W. Grambling upgraded the stock rating to Overweight and raised the price target to $104, citing strong fundamentals.
- The upcoming decision on New York's casino licenses could significantly boost Wynn's access to a lucrative market.
Wynn Resorts is poised for significant growth as it nears the completion of its UAE project, expected this year. Analyst Stephen W. Grambling from Morgan Stanley has upgraded the company's stock rating to Overweight and increased the price target to $104, citing Wynn's strategic investments and high-end branding as key factors for stronger market fundamentals. The analyst also highlighted the potential for increased dividends, particularly with Wynn Macau's payout anticipated to rise. Furthermore, a decision regarding New York's casino licenses is expected in the latter half of 2025, which could serve as a major catalyst for the company, granting access to a lucrative U.S. market with high discretionary income for gambling. Grambling has adjusted EBITDA estimates for 2025 and 2026 upwards, reflecting positive impacts from recent stimulus measures in China and robust demand in Macau. As a result, Wynn's stock has seen a notable increase, indicating investor confidence in the company's future prospects.