Forbes - Markets
Our Revised Price Estimate of $118 For Wynn Resorts
Wynn Resorts’ stock has plunged over 20% so far in August. This can primarily be attributed to a combination of its earnings release, uncertainties pertaining to Macau gaming and more recently to the concerns that decelerating Chinese economy may lead to slower global growth. Adding to the woes of the casino operators, the recent decline in Chinese Yuan currency has made bets more expensive in Macau casinos for Chinese gamblers, as they are placed in Hong Kong Dollars and not Yuan.
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