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Wynn Resorts Ltd (NASDAQ:WYNN) is trading lower Tuesday amid reports of increased government oversight of casinos in Macau.
Cerity Partners' Jim Lebenthal bought the stock last week and he's buying more today as the stock pulls back, he said Tuesday on CNBC's "Fast Money Halftime Report."
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What Happened: The Macau government announced the launch of the public consultation for a revised gaming law. The law proposes for the current sub-concession system to be removed, for the designation of government delegates to oversee gaming operators and for a new illegal deposit crime to be created, according to reports.
Lebenthal's Take: The Macau news isn't unexpected, Lebenthal said. Investments with high potential returns come with downside risks, he noted.
Sixty percent of Wynn's EBITDA over the last six months came from outside of Macau. The real growth is going to come from the company's Wynn Interactive business, Lebenthal said.
"I don't think Las Vegas is shutting down," he said, "I don't think online gambling is shutting down and I don't think Macau is shutting down. These risks are ones that you have to accept if you are going to buy a stock that has the potential to return 30% in six months."
From Last Week: Why This Investor Just Bought Wynn Resorts Stock
Wynn Resorts' stock is currently priced for the worst-case scenario, Lebenthal said, and that case is highly unlikely to occur.
WYNN Price Action: Wynn Resorts has traded as high as $143.88 and as low as $67.70 over a 52-week period.
The stock is down 11% at $91.12 at the time of publication.
Photo: Thank You via Flickr.
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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.