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The analyst's checks of the casino's floor reconfiguration should give investors sufficient confidence that recent poor trends could reverse. Specifically, a 5-percent sequential drop in mass table performance during the second quarter and a 22-percent sequential drop in property EBITDA caused the stock to pullback.
Given the increased confidence in Wynn's changes, the company should be able to report third quarter metrics that come in ahead of consensus estimates, the analyst continued. In fact, the hotel is likely running at close to full occupancy in the third quarter which adds to the bullish conviction.
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"We believe the maturation of the Wynn Palace mass business will provide a meaningful boost to sentiment regarding the, to date, lower than expected return on invested capital at the property," Santarelli wrote (see his track record here).
The analyst's new bullish stance is also based on three other factors, including:
Ongoing strength in the VIP gaming segment which will boost the entire Macau region and gross gaming revenue.Crypto Whales Are Loading Up — Are You?
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.