Shares of Wynn Resorts (WYNN) Up Almost 6% on Jornal Tribuna de Macau Article

Shares of Wynn Resorts (NASDAQ: WYNN) are moving higher (up 5.6%) after an article from a Jornal Tribuna de Macau suggests a signed land contract deal in Cotai is close to being done.

This morning, Nomura Securities maintains it's 'Buy' rating on Wynn Resorts (NASDAQ: WYNN) and $139 price target.

Analyst, Harry C. Curtis, said, "According to a Jornal Tribuna de Macau article published today, a source close to the project has indicated WYNN may be close to signing a Cotai land grant contract by month-end. This should be the much-coverted land gazette, which will allow Wynn to begin onstruction. However, it appears a concrete opening date has yet to be decided by the Lands and Public Works Bureau."

"We believe there are two catalysts that could drive WYNN’s stock: 1) obtaining land gazetting for its Cotai project, which will alleviate against the bear-case argument that WYNN is capacity constrained; and 2) clarity on the status of Universal/Okada redeemed shares."

For an analyst ratings summary and ratings history on Wynn Resorts click here. For more ratings news on Wynn Resorts click here.

Shares of Wynn Resorts closed at $124.77 yesterday.

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