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7 Casino Stocks to Play

5. Wynn Resorts (WYNN - Get Report) owns and operates two destination casino resorts. It owns and operates Wynn Las Vegas in Las Vegas, Nevada, and Wynn Macau in the Macau Special Administrative Region of China (Macau).

Net revenue for the first quarter of 2011 increased 38.7% to $1.3 billion from $908.8 million in the year-ago quarter, following a 46.6% increase in revenue from Macau operations and 24% revenue from Las Vegas operations. On a segment basis, casino revenue soared 45.5% to $1 billion, rooms revenue spiked 24.2%, food and beverage revenue increased 15.3%, and entertainment, retail, and other revenue surged 19.4% year-over-year.

In terms of operating metrics, room occupancy for Las Vegas operations stood at 87.9% compared to 89.4% for the quarter ended March 31, 2010. Average daily rate increased to $240 from $203. For Macau, room occupancy was 88.6% from 90.7%, while average daily rate increased 8.9% to $307.

On a non-GAAP basis, net income stood at $173.4 million or $1.38 per share, compared to $33.8 million or 27 cents per share during the first quarter of 2010. Recently, analysts at Brean Murray initiated coverage on the stock with a buy rating and a price target of $175.

Of the 28 analysts covering the stock, 32% recommend a buy and 64% rate a hold. JP Morgan recently raised its price target for the stock to $174 from the earlier $158 indicating an 11% upside from current levels.
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