NEW YORK (TheStreet) -- Shares of Wynn Resorts, Ltd. (WYNN) are lower by 2.38% to $176.41 in late-morning trading on Tuesday, as the casino resort developer, owner, and operator's stock drops for a third session, due to concerns revenue in the Macau gambling district will decline in September for the fourth straight month, Market Watch reports.
For August, Macau reported its total gross gambling revenue declined 6% to $3.6 billion, which fell short of the 2% drop analysts polled by Bloomberg News estimated, Bloomberg reported.
The revenue decrease for August was due to China's anti-corruption campaign, which saw a high number of high stakes and VIP gamblers avoid the tables in Macau, Bloomberg added.STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
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."