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Fly News Breaks for February 12, 2020
Feb 12, 2020 | 06:19 EDT
BofA analyst Shaun Kelley upgraded Wynn Resorts (WYNN) and Las Vegas Sands (LVS) to Buy from Neutral. The analyst is also keeping the price target on Wynn at $150 and raising it on Las Vegas Sands to $80 from $72. Kelley cites the declining sequential and daily growth rates of new coronavirus cases in Wuhan/China, as well as the efforts by Beijing to control the spread and the positive recent commentary on the disease from the WHO. The analyst further notes that while the risk of coronavirus casis being under-reported remains, he also notes that the muted response in Macau casino gaming relative to prior corrections reflects the "passing nature of the threat".
News For WYNN;LVS From the Last 2 Days
May 27, 2020 | 10:49 EDT
Nevada Governor Steve Sisolak announced last night that the state is ready to move into Phase 2 of its "Nevada United: Roadmap to Recovery" reopening plan on Friday, May 29. "Last week, I set a target reopening date of Thursday, June 4, for our gaming industry. Based on the meeting today and the positive trends in our data, I have informed the Chair of the Gaming Control Board that I feel confident in the June 4th target date," Sisolak said. He added, "I know the Gaming Control Board remains resolute in ensuring that gaming operations in this State do not compromise the health and safety of Nevadans, our employees and our visitors. The Board will issue an industry notice tomorrow setting forth requirements for the resumption of gaming operations in the State of Nevada." Publicly traded companies in the casino space include Boyd Gaming (BYD), Caesars (CZR), Las Vegas Sands (LVS), MGM Resorts (MGM), Penn National (PENN) and Wynn Resorts (WYNN). Reference Link