TheStreet's Jim Cramer, Portfolio Manager of the Action Alerts PLUS Charitable Trust Portfolio pointed out during CNBC "Stop Trading" segment this morning that there is speculation about a possible merger between Wynn Resorts and MGM Resorts International (MGM).
Shares of MGM Resorts International are also up 3.07% to $20.32 today.
In addition, shares rallied following reports that analysts at Credit Suisse see signs of improvement in Macau, the only region in China where gambling is legal, according to Barron's.
Analysts at the firm see better figures for May revenue and April traffic trends in Macau, Barron's noted.
About 3.5 million shares of Wynn Resorts have exchanged hands as of 12:58 p.m. ET today, compared to its average trading volume of about 2.85 million shares a day.
Las Vegas-based Wynn Resorts is a developer, owner and operator of destination casino resorts with two segments: Las Vegas and Macau operations.
Separately, TheStreet Ratings team rates WYNN RESORTS LTD as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate WYNN RESORTS LTD (WYNN) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. Among the primary strengths of the company is its expanding profit margins over time. At the same time, however, we also find weaknesses including deteriorating net income, weak operating cash flow and feeble growth in the company's earnings per share."