$67.21
1.84 (+2.81%)
Wynn Resorts, Limited (WYNN)
CAPS Rating:
A developer, owner and operator of destination casino resorts.
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A developer, owner and operator of destination casino resorts.
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Las Vegas will die a slow death. Every state wants gambling revenue, so will broke Americans drive / fly all the way to Vegas or drive 20 minutes to the Indian or River Boat Casino to lose their money? Would you want to retire in 100+ degree heat? Eventually, water, electric and food will become pricey as oil is not coming down and Las Vegas is in the middle of a NO WHERE DESERT, no water, no food near by and increased transportation costs.Guess what? P/E at 84? Cash out your chips and get out.Sheryl Crow was right:"I'm leaving Las VegasAnd I won't be backNo I won't be backNot this time"
They said I was crazy when I bought Wynn at 17.00 . No water ? Vegas will build a pipeline . Indian casinos . ya right ! No other Gamming Destination in the world has the shows , retail and restaurants Vegas has . If You Build It, They Will Come Johns Hopkins University
You are teamed up with the right hedge funds, enjoy the run. I cannot be squeezed out of my CAPS position, it costs nothing to wait. I am just waiting for WYNN to get CROX ed. Today? tomorrow? 2010? It costs nothing to wait here.Just walk away. I will give you safe passage in the Wasteland. Just walk away and there will be an end to the horror.The Lord Humungus, The Warrior of the Wasteland! The Ayatollah of Rock and Roller!Road Warrior
abit is 100% right. As even Mr. Wynn admitted, the Las Vegas outlook is weak. I just don't think even Mr. Wynn realizes how weak. Gambling is not the growth industry it once was. There is no doubt in my mind that next 15 years will show that gambling is out. Saving and working hard are in.Long-term down.
I'd love to think that the rest of America is smart enough to agree with Ares and Harold... but unfortunately, I've been proved wrong many a time assuming things like that. People want cheap, glintzy thrills, and Vegas' ever-brighter and wider strip is the home of them.Here's hoping I'm wrong.
The stock has fallen 50% since my call. It has fallen from $162 to $28. I do not think Las Vegas will go away completely, but the city and it's residence are going to get a lot poorer and there will be free houses and condos there in the next couple if years. Lets be honest, Las Vegas has the most miserable climate on the planet. What moron is going to retire there if there is not a sucessful gambling economy to subsidize the cost of living there. I recommend not being the last one out of the bubble.