Wynn Resorts Shares Climb5% After Trump Says He's Meeting With Xi

Date : 06/18/2019 @ 9:19PM
Source : Dow Jones News
Stock : Wynn Resorts, Limited (WYNN)
Quote : 137.77  3.88 (2.90%) @ 12:45AM

Wynn Resorts Shares Climb5% After Trump Says He's Meeting With Xi

Wynn Resorts (NASDAQ:WYNN)
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By Dave Sebastian

 

Wynn Resorts Ltd. (WYNN) shares rose 5.6% on Tuesday to $122.20 after President Trump said he'll meet with Chinese President Xi Jinping at the G20 summit in Osaka.

Wynn's share price has been tracking developments in the U.S.-China trade talks, as Wynn's presence in the Chinese gaming enclave of Macau depends on its ability to renew its license after June 2022, said Dan Wasiolek, a senior equity analyst at Morningstar.

The prospect of Wynn not getting its Macau license renewed would be "disastrous" for the resort-and-casino company, Mr. Wasiolek said, as Wynn gets most of its earnings before interest, taxes, depreciation and amortization from its Macau operations.

"It might just be that there was so much negative news that any positive mention on the tariff-negotiation front could benefit a name like this," Mr. Wasiolek said.

 

Write to Dave Sebastian at dave.sebastian@wsj.com

 

(END) Dow Jones Newswires

June 18, 2019 16:04 ET (20:04 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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