UPDATE - Deutsche Bank Initiates Coverage on Wynn Resorts (WYNN) with a Buy; Reasonable Expectations, Growth Drivers, and Potential N-T Catalysts

UPDATE - Deutsche Bank initiates coverage on Wynn Resorts (Nasdaq: WYNN) with a Buy rating. PT $198.

Deutsche analyst says, "Given the macro related pullback in shares, we see current levels as favorable entry points into what we think will be another bull run for WYNN shares on the heels of continued strength in Macau and outsized fair share at Wynn Macau."

"We expect 4Q 2011 Macau market trends to raise the bar for the 2012 market outlook and prime WYNN for another round of out-year upward estimate revisions. In addition, we believe WYNN is poised to again reward shareholders with a sizeable special dividend in the 4Q 2011 given our view of a comfortable surplus of cash despite the $2.7 billion (including the land payment) of capital now committed to the Cotai project. Lastly, we believe the Cotai project is a meaningful value driver that cements the growth story in WYNN beyond the existing market growth stories of Macau and Las Vegas."

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