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Bull of the Day: Wynn Resorts (WYNN)

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 People often talk about stocks as if they are a gamble. To a certain extent, depending on your definition of the word “gamble” I suppose they are right. But what if you could take your hard-earned money and invest it in the casino? As they say in Vegas, “The house always wins.” Today’s Bull of the Day is a gaming stock that could be primed for a jackpot.

I’m talking about Zacks Rank #1 (Strong Buy) Wynn Resorts (WYNN - Free Report) . Wynn Resorts, Limited owns and operates Wynn Las Vegas and Encore in Las Vegas, Nevada as well as Wynn Macau and the Wynn Palace located in the Special Administrative Region of Macau in the People's Republic of China. The Company holds more Forbes Travel Guide Five Stars than any other independent hotel company in the world and is led by Chairman of the Board and Chief Executive Officer, Mr. Stephen A. Wynn, who possesses more than 45 years of development experience of casino resorts.

The reason for the favorable Zacks Rank lies in the recent earnings estimate revisions to the upside. Over the last week, two analysts have increased their earnings estimates for both the current year and next year. The upwards revision has pushed up our Zacks Consensus Estimate for the Current Year from $6.65 to $676 while next year’s number has jumped from $5.99 to $6.26. The gaming industry currently ranks in the Top 40% of our Zacks Industry Rank.

After having a very rough period from a May high over $200 to a December low near $90, WYNN shares have bounced back along with the broad market. Shares have leapfrogged the 50-day moving average down at $105 to close yesterday at $114.37. The December high of $122 lingers as topside resistance. A move past that would put the 200-day into focus. That moving average is all the way up at $155.

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