Wynn Resorts Analysis
Chart done on daily timeframe. Resorts & Casino stocks have been made no progress over the past year, but as America’s gambling addiction continue to grow, these companies are starting to rake in the profits. Super Bowl bets reached a high of $23.1B this year compared to last year’s $16B, that’s a 44% increase in bets just on the Super Bowl alone. This is the trend we’ve seen on gambling related hobbies from casinos to sports betting. With the uptick in gambling and the number of travelers to Vegas, Wynn Resorts finally moved back into profitability last year, after suffering between 2020-2022 after the pandemic. The company’s revenue grew 73% between 2022 and 2023, bouncing back to pre-pandemic highs. Their current price to earnings ratio is at 17, cheaper than LVS at 33x, but more expensive than CZR and MGM. WYNN, CZR, and MGM all have comparable financials, but WYNN showed most revenue growth last year.
Overall, the company is a contender for a bullish rally to reach new 52 weeks highs as long as they continue to impress investors. Leisure related stocks have yet to hold the rally they deserve for their post-pandemic recovery and WYNN may be one of the winners when it does take place.