Wynn Resorts, Limited (NASDAQ:WYNN) announced preliminary expectations of its financial results for the first quarter ended March 31, 2016. The results in this release are preliminary and subject to the completion of the final financial statements, including the review of those financial statements by the Company’s internal accounting professionals, audit committee and independent registered public accounting firm.
In the first quarter of 2016, net revenues are expected to be in the range of $603 million to $613 million, compared to$705.4 million generated in the first quarter of 2015. Adjusted property EBITDA (1) is expected to be in the range of $187 million to $195 million in the first quarter of 2016, compared to $212.3 million for the first quarter of 2015.
Las Vegas Operations
In the first quarter of 2016, net revenues are expected to be in the range of $384 million to $394 million, compared to$386.9 million generated in the first quarter of 2015. Adjusted property EBITDA is expected to be between $105 million and $113 million for the first quarter of 2016, compared to $110.7 million for the first quarter of 2015.(Original Source)
Shares of Wynn Resorts are down nearly 2% to $89.25 in after-hours trading. WYNN has a 1-year high of $136.93 and a 1-year low of $49.95. The stock’s 50-day moving average is $85.93 and its 200-day moving average is $69.45.
On the ratings front, WYNN has been the subject of a number of recent research reports. In a report issued on April 1, Goldman Sachs analyst Steven Kent maintained a Buy rating on WYNN, with a price target of $103, which implies an upside of 12.4% from current levels. Separately, on March 30, J.P. Morgan’s Joseph Greff maintained a Buy rating on the stock and has a price target of $100.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Steven Kent and Joseph Greff have a total average return of 2.0% and 12.1% respectively. Kent has a success rate of 44.1% and is ranked #1395 out of 3777 analysts, while Greff has a success rate of 59.2% and is ranked #144.
The street is mostly Bullish on WYNN stock. Out of 11 analysts who cover the stock, 6 suggest a Buy rating and 5 recommend to Hold the stock. The 12-month average price target assigned to the stock is $85.80, which reflects a potential downside of -6.4% from last closing price.
Wynn Resorts Ltd. engages in the development and management of casino resorts. It operates in the Las Vegas Operations and Macau Operations segments. It provides hotel rooms and suites; table games; slot machines; a race and sports book; and a poker room of casino gaming space, including a sky casino and private gaming salons; casual and fine dining in food and beverage outlets; spas and salons; lounges; and boutiques. The company was founded by Stephen Alan Wynn and Kazuo Okada in June 2002 and is headquartered in Las Vegas, NV.