Latest news with #WynnResorts
Yahoo
9 hours ago
- Business
- Yahoo
Q1 Rundown: Wynn Resorts (NASDAQ:WYNN) Vs Other Casino Operator Stocks
Wrapping up Q1 earnings, we look at the numbers and key takeaways for the casino operator stocks, including Wynn Resorts (NASDAQ:WYNN) and its peers. Casino operators enjoy limited competition because gambling is a highly regulated industry. These companies can also enjoy healthy margins and profits. Have you ever heard the phrase 'the house always wins'? Regulation cuts both ways, however, and casinos may face stroke-of-the-pen risk that suddenly limits what they can or can't do and where they can do it. Furthermore, digitization is changing the game, pun intended. Whether it's online poker or sports betting on your smartphone, innovation is forcing these players to adapt to changing consumer preferences, such as being able to wager anywhere on demand. The 9 casino operator stocks we track reported a slower Q1. As a group, revenues were in line with analysts' consensus estimates. In light of this news, share prices of the companies have held steady as they are up 3.1% on average since the latest earnings results. Founded by the former Mirage Resorts CEO, Wynn Resorts (NASDAQ:WYNN) is a global developer and operator of high-end hotels and casinos, known for its luxurious properties and premium guest services. Wynn Resorts reported revenues of $1.7 billion, down 8.7% year on year. This print fell short of analysts' expectations by 1.8%. Overall, it was a disappointing quarter for the company with a significant miss of analysts' EPS estimates and a miss of analysts' EBITDA estimates. Wynn Resorts delivered the slowest revenue growth of the whole group. Interestingly, the stock is up 5.7% since reporting and currently trades at $88.27. Read our full report on Wynn Resorts here, it's free. Established in 1993, Monarch (NASDAQ:MCRI) operates luxury casinos and resorts, offering high-end gaming, dining, and hospitality experiences. Monarch reported revenues of $125.4 million, up 3.1% year on year, outperforming analysts' expectations by 2.1%. The business had a strong quarter with a decent beat of analysts' EPS and EBITDA estimates. Monarch achieved the biggest analyst estimates beat among its peers. The market seems happy with the results as the stock is up 10.2% since reporting. It currently trades at $83.64. Is now the time to buy Monarch? Access our full analysis of the earnings results here, it's free. Established in 1982, PENN Entertainment (NASDAQ:PENN) is a diversified American operator of casinos, sports betting, and entertainment venues. PENN Entertainment reported revenues of $1.67 billion, up 4.1% year on year, falling short of analysts' expectations by 1.6%. It was a disappointing quarter as it posted a significant miss of analysts' EBITDA and EPS estimates. As expected, the stock is down 5.3% since the results and currently trades at $14.87. Read our full analysis of PENN Entertainment's results here. Formerly Eldorado Resorts, Caesars Entertainment (NASDAQ:CZR) is a global gaming and hospitality company operating numerous casinos, hotels, and resort properties. Caesars Entertainment reported revenues of $2.79 billion, up 1.9% year on year. This result met analysts' expectations. Aside from that, it was a slower quarter as it produced a significant miss of analysts' EPS and adjusted operating income estimates. The stock is down 6.3% since reporting and currently trades at $26.20. Read our full, actionable report on Caesars Entertainment here, it's free. Headquartered in Providence, Rhode Island, Bally's Corporation (NYSE:BALY) is a diversified global casino-entertainment company that owns and manages casinos, resorts, and online gaming platforms. Bally's reported revenues of $611.1 million, down 1.2% year on year. This number surpassed analysts' expectations by 1.5%. Zooming out, it was a mixed quarter as it also recorded a solid beat of analysts' EPS estimates but a significant miss of analysts' adjusted operating income estimates. The stock is down 12.4% since reporting and currently trades at $9.77. Read our full, actionable report on Bally's here, it's free. In response to the Fed's rate hikes in 2022 and 2023, inflation has been gradually trending down from its post-pandemic peak, trending closer to the Fed's 2% target. Despite higher borrowing costs, the economy has avoided flashing recessionary signals. This is the much-desired soft landing that many investors hoped for. The recent rate cuts (0.5% in September and 0.25% in November 2024) have bolstered the stock market, making 2024 a strong year for equities. Donald Trump's presidential win in November sparked additional market gains, sending indices to record highs in the days following his victory. However, debates continue over possible tariffs and corporate tax adjustments, raising questions about economic stability in 2025. Want to invest in winners with rock-solid fundamentals? Check out our Top 5 Quality Compounder Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Time Out
21-05-2025
- Business
- Time Out
Hudson Yards could get 4,000 affordable housing units in place of that failed casino
The dice are off the table: Related Companies and Wynn Resorts have officially folded on their controversial Hudson Yards casino bid, clearing the way for a massive housing development that could reshape Manhattan's West Side. Originally pitched as 'Hudson Yards West,' the $12 billion proposal called for three new towers, including a Wynn-run casino, hotel, and 80-story residential skyscraper. But after fierce opposition from elected officials, community boards, and preservation groups like Friends of the High Line, Wynn bailed on the gaming license, and Related pivoted hard. Instead of slot machines and high rollers, the site will now feature 4,000 new apartments, including 400 affordable units, along with a sprawling 6.6-acre park dubbed 'Hudson Green.' The open space, which would rival Bryant Park in scale, promises lawns, gardens and playgrounds stretching from West 30th to 33rd Streets, west of 11th Avenue. This casino proposal did not meet the high bar of community support that such a consequential project demands,' said Councilmember Erik Bottcher, who brokered the new deal and confirmed the casino was dead, in a statement. 'I have always said that any development of this scale must put the needs of New Yorkers first—and that means housing.' While the original proposal only included 324 affordable units, the revised plan bumps that number up and replaces a planned 1,400-foot office tower with two residential buildings. A new office tower, possibly with hotel space, will rise where the casino was once slated. Alan van Capelle, executive director of Friends of the High Line, previously among the project's loudest critics, offered cautious support: 'The latest plans appear to address many of our concerns. However, the devil is in the details.' A zoning vote is set for Thursday, and full Council approval is expected on May 28. If passed, the development could be shovel-ready by 2026, assuming no further delays in platform construction over the 13-acre active rail yard. Jay-Z's Times Square Caesars Palace and Steve Cohen's 'Metropolitan Park' next to Citi Field
Yahoo
21-05-2025
- Business
- Yahoo
Wynn Resorts, Limited (WYNN) Drops Bid for New York City Casino License
Wynn Resorts, Limited (NASDAQ:WYNN) has decided to withdraw its bid for a casino license in New York. The company, a publicly traded hospitality and gaming firm based in Paradise, Nevada, announced that the ongoing rezoning process revealed more effective ways to allocate its capital. Wynn Resorts, Limited (NASDAQ:WYNN) had joined forces with Related Companies to propose a luxury casino resort in Manhattan's upscale Hudson Yards, an area already known for its high-end retail and dining. This marks the second major casino operator to abandon efforts to secure a New York gaming license this spring. In April, Las Vegas Sands revealed during its first-quarter earnings call that it would no longer pursue its proposed site at the Nassau Coliseum on Long Island, citing concerns over potential competition if New York were to legalize online casino gaming (iGaming). Behind the scenes, executives from several casino companies have voiced frustration with the licensing process, describing it as politically charged, costly, and subject to repeated delays, with little transparency or focus on the actual strength of the proposals. Wynn Resorts, Limited (NASDAQ:WYNN) stated that it plans to redirect its capital toward stock repurchases and ongoing as well as future development projects. Among these is the construction of the first casino resort in the Middle East, located in the United Arab Emirates. The company stated the following in its statement: "The recent rezoning process has made it clear to us that there are uses for our capital more accretive to our shareholders, such as investment in our existing and upcoming developments and stock buybacks, than investing in an area in which we, or any casino operator, will face years of persistent opposition despite our willingness to employ 5,000 New Yorkers." Wynn Resorts, Limited (NASDAQ:WYNN) has delivered an over 15% return since the start of 2025. While we acknowledge the potential of WYNN to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than WYNN and that has 100x upside potential, check out our report about this cheapest AI stock. READ NEXT: and Disclosure. None.
Travel Weekly
20-05-2025
- Business
- Travel Weekly
Wynn withdraws proposal for New York casino development
In the face of community opposition to a casino, Wynn Resorts and Related Companies have pulled a proposal to construct a $12 billion complex in the Hudson Yards section of New York City. The proposal was opposed by New York City councilman Eric Bottcher, who represents the Hudson Yards section of Manhattan, and two neighborhood organizations: Friends of the High Line and Manhattan Community Board 4. "After careful consideration, we have decided not to lodge an application for a gaming license in New York City," said Wynn Resorts in a statement. "The recent rezoning process has made it clear to us that there are uses for our capital more accretive to our shareholders, such as investment in our existing and upcoming developments and stock buybacks, than investing in an area in which we, or any casino operator, will face years of persistent opposition despite our willingness to employ 5,000 New Yorkers." The three-skyscraper proposal had called for a hotel and casino, an office tower and a residential tower. According to reports, Related Companies will move forward with a plan to build affordable housing units in the neighborhood. In April, Las Vegas Sands pulled out of a bid to build a casino resort in Nassau County on New York's Long Island.
Yahoo
20-05-2025
- Business
- Yahoo
Wynn Resorts, Limited (WYNN) Drops Bid for New York City Casino License
Wynn Resorts, Limited (NASDAQ:WYNN) has decided to withdraw its bid for a casino license in New York. The company, a publicly traded hospitality and gaming firm based in Paradise, Nevada, announced that the ongoing rezoning process revealed more effective ways to allocate its capital. Wynn Resorts, Limited (NASDAQ:WYNN) had joined forces with Related Companies to propose a luxury casino resort in Manhattan's upscale Hudson Yards, an area already known for its high-end retail and dining. This marks the second major casino operator to abandon efforts to secure a New York gaming license this spring. In April, Las Vegas Sands revealed during its first-quarter earnings call that it would no longer pursue its proposed site at the Nassau Coliseum on Long Island, citing concerns over potential competition if New York were to legalize online casino gaming (iGaming). Behind the scenes, executives from several casino companies have voiced frustration with the licensing process, describing it as politically charged, costly, and subject to repeated delays, with little transparency or focus on the actual strength of the proposals. Wynn Resorts, Limited (NASDAQ:WYNN) stated that it plans to redirect its capital toward stock repurchases and ongoing as well as future development projects. Among these is the construction of the first casino resort in the Middle East, located in the United Arab Emirates. The company stated the following in its statement: "The recent rezoning process has made it clear to us that there are uses for our capital more accretive to our shareholders, such as investment in our existing and upcoming developments and stock buybacks, than investing in an area in which we, or any casino operator, will face years of persistent opposition despite our willingness to employ 5,000 New Yorkers." Wynn Resorts, Limited (NASDAQ:WYNN) has delivered an over 15% return since the start of 2025. While we acknowledge the potential of WYNN to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than WYNN and that has 100x upside potential, check out our report about this cheapest AI stock. READ NEXT: and Disclosure. None. Sign in to access your portfolio
