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Bear of the Day

Wynn Resorts' (WYNN) second quarter 2012 earnings were disappointing as its performance in Las Vegas and business at Macau were weak. After several quarters of rapid growth, the Macau market is now witnessing a slowdown as the Chinese economy remains weak, resulting in lower tourists from the country and longer credit collection cycles.

Further, competition in the Macau market is increasing, forcing the company to increase junket commission and provide additional benefits to lure customers. Moreover, business in Las Vegas remains frail as a result of an uncertain economic environment, and might continue to struggle due to excess capacity in the market.

Additionally, we remain cautious on the stock because of the limited diversity and implementation of any stringent credit and visa polices by the Chinese government. Hence, we currently remain Underperform on the stock.

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