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Would You Take a Gamble on Wynn Resorts (WYNN)?
The economy is faltering and the consumer is on life support. Will gamblers still part with hard-earned dollars in such an environment? Investors are skeptical as shares of casino stocks have floundered like most shares tied to the consumer. Oddly enough, gambling is such an addiction that casinos tend to make money during good times and bad. This time may be different.
No longer is it cheap for Californians to jump in the car for a quick trip to sin city. Gas prices kill that buzz. How about flights. Don't even ask. So where will the people come from if Vegas is to fill all those rooms? Even if they get there, will customers simply avoid the casino as pocket books are no longer full of discretionary cash? Or, with all this negativity, is it time to invest in casino stocks?
There are two sides to the argument and I want to hear your opinion. Specifically, let's take a look at Wynn Resorts (WYNN). Shares are rallying today on a positive earnings report and announced stock buy-back. Is it a trend of continued performance or a last hurrah? Is WYNN a buy sell or hold?
Tell me your thoughts and I'll report back in my Bull/Bear report.
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