NEW YORK (TheStreet) -- Shares of Wynn Resorts Ltd. (WYNN) are higher by 2.42% to $184.22 in afternoon trading on Wednesday, after the company was granted a casino license for the greater Boston area, beating out a "locally backed project" by Mohegan Sun, the Boston Globe reports.
The Massachusetts State gambling commission voted 3 to 1 in favor of granting Wynn the casino license, after five days of deliberations, as it liked Wynn's plan to turn a plot of polluted land on the Mystic River into a $1.6 billion gambling resort, the Globe added.
Factors that went into the commission's decision to grant Wynn Resorts the casino license included Wynn's stronger developmental financing plan, a larger construction investment, and a bigger workforce and payroll projection, the Globe said.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."