NEW YORK (TheStreet) -- Shares of Wynn Resorts Ltd. (WYNN) - Get Report are rising by 1.67% to $185 in pre-market trading on Friday, after Macau casino shares spiked in Honk Kong trading, following Las Vegas Sands' (LVS) - Get Report CEO Sheldon Adelson's remarks that he is expecting complete occupancy at Sands China for China's Golden Week, Bloomberg reports.
Hotel rooms booked in advance for the week long Chinese holiday are "close to 100%," a Sands China spokesperson told Bloomberg.
"The bookings indicate demand for traveling to Macau remains very strong, especially among mass-market gamblers who provide higher margins," an analyst from CLSA Ltd. said to Bloomberg.
Rockwell Automation Rises on $2.2 Billion Deal for Plex Systems
Rockwell Automation agreed to buy Plex Systems, a manufacturing-software platform, for $2.2 billion from the private-equity firm Francisco Partners.
However, an analyst from UOB Kay Hian Ltd. told Bloomberg that Chinese visitors to Macau during this period tend to be more family-oriented vacationers and may not be spending their time gambling, so "it remains a question whether these bookings can translate into higher casino revenue."
Macau casino revenue declined for a third straight month in August amid a government program to clean up China's only legalized gambling hub, which has kept high stakes rollers away from the tables, Bloomberg noted.
Separately, TheStreet Ratings team rates WYNN RESORTS LTD as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate WYNN RESORTS LTD (WYNN) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its notable return on equity, revenue growth, solid stock price performance, impressive record of earnings per share growth and compelling growth in net income. We feel these strengths outweigh the fact that the company shows weak operating cash flow."
You can view the full analysis from the report here: WYNN Ratings Report