Janney Capital analyst Brian McGill bumped his fair value target on Buy-rated Wynn Resorts (NASDAQ: WYNN) to $280.00 (from $275.00) following strong Q1 results.

McGill commented, "WYNN reported 1Q14 revenue of $1.51 bln and adjusted property EBITDA of $494.6 mln. This was above expectations for $1.49 bln and $476.1 mln. Overall, this was another very good quarter driven by impressive results in Macau where adjusted EBITDA was up 16%. Vegas was slightly below but was hampered by low table hold. While the numbers exceeded expectations, our thesis is more tied to the company strategy, long term growth in Macau and the new Cotai project set to open in 2016. For the Macau market overall, we expect continued growth due to a supply/demand imbalance and improved infrastructure. We expect Wynn Palace on Cotai to be the premier property in the market and we currently estimate it is worth $92 to shares today. Given the relatively smaller EBITDA base of WYNN, the opening should have an outsized positive impact on results. We also expect the Peninsula property to benefit from upgrades. While Vegas was 22% of EBITDA in the quarter, we are positive on this business, especially the non- gaming portion."

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Shares of Wynn Resorts closed at $206.63 yesterday.