Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!

Wall Street Responds To Steve Wynn’s Surprising Resignation

Courtesy of ZeroHedge. View original post here.

The godfather of gaming is no more: as reported last night, in a (somewhat) surprising development, Steve Wynn, founder and CEO of Wynn Resorts, stepped down amid sex abuse allegations as he found himself “the focus of an avalanche of negative publicity.”

And While Steve Wynn’s resignation as Chairman and CEO of Wynn Resorts, and his replacement with  eases concerns over whether its Macau business can get its gaming license renewal, it does bring up questions over the company’s ownership and management stability, Wall Street analysts said.

Below is a sample of analyst reactions to the Wynn news, courtesy of Bloomberg:

BERNSTEIN

  • Wait for more clarity after the news, especially possible further management change: analysts led by Vitaly Umansky
  • “Steve Wynn is WYNN (the company). Without him, the Wynn Resorts (and Wynn Macau) is a different operation”:
  • Without Wynn’s leadership in the personalities, it’s questionable whether the company could keep all key management members
  • Speculation on whether Wynn Resort could be acquired will grow

MORGAN STANLEY

  • Who will be the controlling shareholder in future would be key if Steve Wynn decides to sell off his stake in Wynn Resort: analysts led by Praveen Choudhary
  • Less concerned about Wynn Macau’s gaming license renewal

BLOOMBERG INTELLIGENCE

  • Expects little immediate impact on Wynn’s Macau business: Margaret Huang
  • In Asia, most peoples’ perception of Wynn is tied to the upscale property and product, but less to Steve Wynn as a figure

JEFFERIES

  • Wynn’s resignation reduces the risk of getting license in Macau, Boston and Nevada: analysts led by David Katz

Source: Bloomberg


Do you know someone who would benefit from this information? We can send your friend a strictly confidential, one-time email telling them about this information. Your privacy and your friend's privacy is your business... no spam! Click here and tell a friend!





You must be logged in to make a comment.
You can sign up for a membership or get a FREE Daily News membership or log in

Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!