Wynn Resorts, Limited (WYNN) stock climbs in Premarket: Here’s Why

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Shares of the Wynn Resorts, Limited (WYNN) stock were rising in the premarket trading session today on January 14, 2022. WYNN stock price saw a push of 8.04% to reach $91.00 a share at the time of this writing. The stock was gloomy in the previous trading session and went down by 1.83% at closing.

Wynn Resorts is operating its business via designing, developing, and operating integrated resorts. The company’s Wynn palace segment operates 424,000 square feet of casino space and the Macau segment operates 252,000 square feet of casino space. WYNN stock has a $9.74 billion market cap and a 2,379,075 average trading volume. Let’s deep dive to understand the current bullish sentiment.

What’s Happening?

The sentiment is positive for the WYNN stock in the stock market today. However, there is no press release or any announcement by the company in today’s date to support the bullish sentiment. It seems that this stock is hot among investors in the social media platforms like Twitter, Reddit, StockTwits, causing an increase in the per-share price of this tock.

Recently the Official in Macau announced a plan of limiting the number of casinos in the gaming hub of the world. The gaming licenses tenure will now reduced from the current level of 20 years to 13 years. The officials indicated that the ownership requirements will rise from 10% to 15% according to the new plan. WYNN stock after the appearance of this news surged in the premarket today.

Previous News of WYNN stock

Previously on December 10, 2021, it had been reported that the company will host Paramount+ Star-Studded World Premiere of “1883”. Taylor Sheridan – stars Tim McGraw, Academy award-nominated, Sam Elliott, Academy award winner, and Billy Bob Thornton, Academy award winner created this series. This event represents the first collaboration between Wynn Las Vegas and 101 Studios in order to establish the connection between Hollywood and Las Vegas

Financial View of WYNN stock

According to third-quarter 2021 financial results, the operating revenues of the company were $994.6 million in the three months ended September 30, 2021. This represents a huge increase of $624.2 million from the same period of the previous year. The company suffered a net loss of $166.2 million in the third quarter of 2021. Net loss per diluted share of WYNN stock was $1.45.  WYNN reported an adjusted EBITDA of $154.6 million in the last reported quarter. Adjusted net loss of the company in the third quarter of 2021 was $141.7 million, or $1.24 per diluted share.

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