Wynn Resorts to pay $2.6B to settle lawsuit with Japan's Universal

Ivan Schwartz
March 10, 2018

UBS Group downgraded Wynn Resorts from a "buy" rating to a "neutral" rating and set a $174.00 target price for the company.in a report on Monday, January 29th.

Maddox did not discuss Wynn Resorts' continuing legal troubles.

The statement underlined the "continued strength at Wynn Macau" and the "meaningful year-on-year ramp-up at Wynn Palace". "However, a high-debt burden and increased competition remain potent headwinds for the company".

Several brokerages have recently weighed in on WYNN. Finally, Zacks Investment Research lowered shares of Wynn Resorts from a "buy" rating to a "hold" rating in a research report on Wednesday.

Under the fresh agreement disclosed on Thursday, Wynn Resorts is to pay to the Aruze USA side, on March 31, the almost US$1.94 billion principal amount of the redemption note, plus on the same date, almost US$463.6 million "to settle allegations surrounding the interest rate on the redemption note".

Wynn Resorts has come under scrutiny from gaming regulators in Macau, Nevada and MA, where it is building a US$2.4 billion casino resort, in the wake of reports the founder and now former chairman pressured employees into having sex with him. BidaskClub lowered Wynn Resorts from a "buy" rating to a "hold" rating in a research report on Wednesday, February 14th. Eleven analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company's stock. Telsey Advisory Group maintained Wynn Resorts, Limited (NASDAQ:WYNN) on Thursday, November 19 with "Market Perform" rating. Crystal Rock has 3.3% invested in Wynn Resorts, Limited (NASDAQ:WYNN). As the current market price of the stock is $54.56 and diluted EPS for the trailing twelve month is 1.82, the P/E ratio for the stock comes out as 29.93.

To find out the technical position of WYNN, Wynn Resorts, Limited (NASDAQ:WYNN) holds price to book ratio of 18.19 that unearth high-growth companies selling at low-growth prices, but it requires appropriate measurement approach.

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Wynn Resorts (NASDAQ:WYNN) last posted its quarterly earnings results on Monday, January 22nd. The casino operator reported $1.40 EPS for the quarter, topping the consensus estimate of $1.33 by $0.07.

Turns out Steve Wynn will get a severance package of sorts after all. The business had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.56 billion. The business's revenue for the quarter was up 29.9% on a year-over-year basis.

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, February 27th. Stockholders of record on Thursday, February 15th were given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 1.12%. Stifel Nicolaus maintained Wynn Resorts, Limited (NASDAQ:WYNN) rating on Wednesday, February 7. Point72 Asia Hong Kong Ltd acquired 105,263 shares as Wynn Resorts Ltd (WYNN)'s stock rose 26.92%. 206,000 were reported by New York State Common Retirement Fund. Blair William And Communication Il invested in 0% or 3,337 shares. The firm owned 179,582 shares of the casino operator's stock after acquiring an additional 91,512 shares during the period. FDx Advisors Inc. purchased a new position in shares of Wynn Resorts during the 4th quarter valued at approximately $203,000. This gauge is crucial in determining whether investors are moved toward the direction of buying more of the stock, or else doing the contradictory side and selling more of the stock.

Barr E S & Co decreased Wynn Resorts Ltd (WYNN) stake by 2.64% reported in 2017Q3 SEC filing.

Wynn Macau is a luxury hotel and casino resort located in the Macau Special Administrative Region of the People's Republic of China with two luxury hotel towers with a total of 1,008 spacious rooms and suites, approximately 273,000 square feet of casino space, casual and fine dining in eight restaurants, approximately 31,000 square feet of meeting and convention space, approximately 59,000 square feet of retail space, and recreation and leisure facilities including two opulent spas, a salon and a rotunda show.

According to the lawsuit filed in state court in Las Vegas, Wynn would place the hand being manicured over his genitals, making her "contact his genitals through his trousers".

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