WYNN - Getting reasonable down here for sure.
Income is off by a mile this year, they will be lucky to clear $250M for their $7Bn market cap (p/e 28) BUT, in prior years, they were dropping $700M to the bottom line, clearing better than 15% of revenues so you have really good operators just navigating a rough time. The $9Bn in debt is a bit scary but they have $2Bn in cash and solid real estate assets so, even if they wrote of Macau as a massive loss ($7Bn in 3 casinos), they could probably survive it.
If they hadn't JUST spent $4Bn on the latest Macau project at the worst possible time, I'd like them a lot more but fun for a toss since you can sell the 2018 $45 puts for $8.50, which puts you in at net $36.50, which is still almost 50% off the current price so let's sell 5 of those in the LTP.
