Nomura Securities Maintains a 'Neutral' on Wynn Resorts (WYNN); Raising PT and Estimates

Nomura Securities maintains a 'Neutral' on Wynn Resorts (NASDAQ: WYNN), raises PT from $163 to $175

Nomura analyst, Harry Curtis, says, "Hold-adjusted Las Vegas EBITDA of ~$115M beat consensus expectations by ~$20M or ~20%. While YoY growth in casino volume contributed to the beat in Las Vegas, non-casino revenues were up 12.9% YoY with RevPAR up 17.5%, F&B revs up 13% and Entertainment revs up 22%. We maintain our rating but are raising our target price to $175. Our 2011 operating EPS estimate goes to $5.42 from $4.55 and 2012 to $5.83 from $5.40. We see this as positive read-through for MGM (NYSE: MGM)(Buy) and Las Vegas Sands (NYSE: LVS)(Buy) where casino revenues could benefit from marketing to Chinese customers and in Macau, there were positive indications that the opening of Galaxy Macau has not negatively impacted volume or EBITDA."

For more ratings news on Wynn Resorts click here and for the rating history of Wynn Resorts click here.

Shares of Wynn Resorts closed at $164.89 yesterday.

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