Wynn set to open second Cotai casino?
Jealous of the competition?
RUMOURS are circulating about Wynn Resorts Ltd. (WYNN) possibly signing a land contract for a proposed resort in Cotai, Macau. If rumours turn out to be true, it will be their second casino in China, the only place where gambling is legal. Macaubusiness cited the Jornal Tribuna de Macau, which attributed the information to a source close the deal.
“If this is accurate, this should be viewed very favorably by investors since it plugs a unit growth/new development hole,” Joseph Greff, a JPMorgan Chase & Co. analyst, wrote in a research note. Greff, who rates the Las Vegas-based casino operator overweight, said the deal could add as much $30 dollars a share to Wynn.
The news follows in the footsteps of Las Vegas Sands opening their resort in Cotai recently. Should they be afraid of the rumoured competitor?
In other Wynn news, it’s been reported that the casino giant is in talks with Zynga.
A Zynga spokesperson told All Things Digital in January, “We know from listening to our players that there’s an interest in the real-money gambling market. We’re in active conversations with potential partners to better understand and explore this new opportunity.”
“It’s coming,” said attorney and gaming-law expert Cory Aronovitz. “They’re taking baby steps, and they’re working within state laws, but it’s coming. And it’s going to be big.”
