The share prices of Wynn Resorts Ltd. (WYNN) on the NASDAQ and Wynn Macau, trading on the Hong Kong stock exchange, are at their highest points in months, thanks to the company’s recent quarterly report.
Headlines in Macau trumpeted the company’s recent experience by noting that "WYNN Macau (reports) the highest profit margin" in its history. This was enough to cause a 4.3 percent increase in the share price of Wynn Macau.
In the U.S., WYNN shares flew above the $93 level before falling on Friday when the entire market suffered a major setback.
With a recovering market on Monday, Wynn shares once again climbed above the $90 level.
Also fueling interest in the company was a report out of Macau that during the first 27 days of April gambling levels were up some 70 percent over last year’s numbers. That kind of report bodes well for all the casinos doing business in Macau but especially Wynn Resorts and its growing profit margin experience.
It also explains why Steve Wynn sees his company going with the money flow and expanding its Macau operations.
Judging from press reports, Macau officials believe the company will move its headquarters from Las Vegas to Macau with the development of Wynn’s Cotai gaming complex in 2014.