UPDATE: Argus Downgrades Wynn Resorts

In Friday morning's Market Digest, Argus analyst, John Staszak downgraded shares of Wynn Resorts

from Buy to Hold and lowered his EPS estimates for 2014 and '15 from $9 to $8.50 and $10 to $9.50, respectively. Staszak wrote, "We are disappointed that Macau gaming revenue did not increase significantly following the end of the World Cup in July, and believe that gaming industry results have been hurt by a smoking ban in casinos, modest credit growth, slowing real estate prices, and visa restrictions by the Chinese government." However on a more long-term scale, Staszak believes Wynn will benefit from expansion in Macau and noted the company is building a $4 billion dollar full-scale integrated resort in the Corti district. Construction of the resort is expected to be completed in the first half of 2016.