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Investing.com — Casino stocks slumped after Roth Capital downgraded Wynn Resorts (NASDAQ:WYNN).
Wynn fell 5%, Melco Resorts & Entertainment Ltd (NASDAQ:MLCO) dropped 2.64% and MGM Resorts International (NYSE:MGM) was down 3.33%.
Roth analyst David Bain bumped Wynn to neutral from buy with a price target cut to $75 from $99, according to StreetInsider.
The analyst cited reliance on Macau VIP with little visibility and a dearth of Hong Kong dollars in the city, as well as government scrutiny. Bain also said there are concession renewal risks, particularly for U.S. operators, and sustained Las Vegas softness as reasons for his decision.
Shares of Wynn are down 44% this year after coronavirus shuttered casinos and halted global travel. The stock has nine buy ratings, four holds and no sells.
