Gabelli Maintains Buy on Wynn Resorts

Gabelli is out with its report today on Wynn Resorts

, maintaining Buy. In its report, Gabelli writes, "We estimate WYNN will generate $5.3 billion in revenue and $1.7 billion of EBITDA in FY2011. At current levels, WYNN is trading at 10x our 2012 EBITDA and 24% discount to our 2012 PMV of $170. Based on the strength of the company's balance sheet, high quality assets, and management's proven ability to execute in US and non-US jurisdictions, we continue to rate WYNN a Buy." At the time of posting, shares of WYNN were trading pre-market at $123.30, down 5.35% from Wednesday's close.