UPDATE: Goldman Sachs Upgrades Wynn Resorts Limited

According to a research report published this morning, Goldman Sachs has upgraded Wynn Resorts Limited WYNN from Neutral to Buy. In the report, Goldman Sachs said, "Wynn shares have underperformed as controversies around Macau market growth, Okada litigation and Cotai development have clouded investors' appreciation for one of the premier global gaming stocks. We recently visited Macau, where trends appeared strong with limited discounting, and long-term structural demand drivers in place. In addition, infrastructure expansions are now only a couple months to a few years away, potentially boosting demand due to ease of access. Importantly, our review of external research that analyzes discount for lack of marketability gives us some comfort that the 30% discount on the Okada stake may be supported by outside sources. Finally, as Wynn provides further details on the Cotai project, investors should get a better sense of the EBITDA generation." Wynn Resorts Limited closed yesterday at $104.61.