We’re buying 100 shares of Wynn Resorts at roughly $101 each. Following Tuesday’s trade, Jim Cramer’s Charitable Trust will own 600 shares of WYNN, increasing its weighting in the portfolio to 1.85% from 1.5%. We’re buying the dip in Wynn Resorts, which was trading lower by roughly 4% on Tuesday. The stock appears to be down due to lingering concerns about the Chinese economy, even though the region just capped off a strong Lunar New Year holiday that saw travel spending exceed pre-Covid levels . According to the Macao Government Tourism Office, total visitors to the Asian gambling hub during the eight-day holiday period numbered about 1.36 million, well above forecasts of around 1 million and above 2019 levels of 1.21 million. Given the positive update about travel to Macao, a special administrative region of China, you would think Wynn shares would be trading higher on the session. We understand why many have shied away from the stock due to concerns about the Chinese economy, the second-biggest in the world. However, softness has not shown up in the Macao travel and gross gaming revenue numbers. With Wynn still trading well below pre-pandemic levels despite the ongoing recovery, we think the stock around $100 represents value for long-term-oriented investors who can stomach the volatility that comes with China. WYNN 5Y mountain Wynn Resorts 5 years Furthermore, Wynn Results recently reported a terrific fourth quarter . Vegas crushed it with a record Q4 in sales and profit. In Macao, the recovery got back on track after stumbling in the third quarter with margins running higher than 2019 levels despite more work to go on revenues. On the post-earnings conference call, management gave an optimistic view of the first quarter thanks to the Super Bowl and a strong calendar of groups and conventions. The Super Bowl turned out to be the most-watched television show in history and rates for hotels in and around Vegas soared going into the weekend of the big game….
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