Casino owner Wynn Resorts was one of the worst-performing stocks last year.
But founder and CEO Steven Wynn is bullish about his future and has raised his stake in the struggling company.
Wynn last month purchase a million shares. He now owns more than 11 million shares of the company that bears his name.
But, will his investment pay off? And what impact will a continued economic slump in China have on Wynn Resorts?
And, will his latest Macau property – Cotai Palace – open this year as promised?
We thought we’d check in with Dan Wasiolek. He is a Wynn Resorts analyst with the investment research firm Morningstar.
“We view Wynn Resorts as a well-established iconic brand that is well positioned to participate in the … long-term growth opportunity of Macau,” Wasiolek wrote.
Wasiolek said he expected that growth come as the Las Vegas-based gaming company expands its share of rooms in the Chinese market from 6 percent to 9 percent.
That growth will come with the opening of Cotai Palace later this year, according to the report.
Dan Wasiolek, senior equity analyst, Morningstar Inc.
