NEW YORK (TheStreet) -- Shares of Wynn Resorts Limited (WYNN) have slumped -2.95% to $202.42 in mid-afternoon trading on Tuesday after it was suggested China's slowing economy could hurt growth in the Macau gambling region, Bloomberg reports.
The biggest risks to Macau's growth include the slowing Chinese economy and competition from foreign destinations, MGM China Holdings (MCHVF) co-chairman Pansy Ho told Bloomberg.
In 2006 the Macau region surpassed Las Vegas as the world's largest gambling sector, but more high stakes gamblers have begun to cut spending as a result of the lagging economy.
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Other Macau stocks falling today include MGM Resorts International (MGM) down -2.93% to $25.83, Melco Crown Entertainment (MPEL) lower by -4.32% to $34.13, and Las Vegas Sands (LVS) which declined -2.65% to $74.89 this afternoon.
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 revenue growth, solid stock price performance, growth in earnings per share, increase in net income and expanding profit margins. We feel these strengths outweigh the fact that the company shows weak operating cash flow."