Why Wynn Resorts Stock Soared This Week
Week to date, shares of Wynn Resorts (NASDAQ: WYNN) were up 12.7% as of 11:18 a.m. on Friday, according to data provided by S&P Global Market Intelligence. The casino operator got a boost at the end of 2022, as China eased restrictions to Macau, which made up most of Wynn Resorts' total revenue before the pandemic.
One analyst recently cited key catalysts that could send the stock higher in 2023.
Visitation to Macau, in which Wynn Resorts owns 72% of Wynn Macau (OTC: WYNM.Y), evaporated during the pandemic. Revenue from the company's Macau operations made up nearly 70% of total revenue in 2019. Over the last three years, Wynn's revenue and operating income have fallen significantly, which has sent the stock down 33%.
Source Fool.com
