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WYNN down 10% - Steve Wynn accused of sexual misconduct
Posted on 1/27/18 at 7:54 am
Posted on 1/27/18 at 7:54 am
The news broke yesterday of sexual misconduct accusations against WYNN CEO and founder Steve Wynn. It was the talk of The Street, but I didn't see anyone mention it here yet. The stock was down 10% yesterday as a result. Is anyone planning to trade this next week? Which way are you leaning? They just crushed earnings, but I feel like with today's social climate, this could get ugly. I'm up around 40% in it, but can't decide if I want to ride it out or not.
Not to mention, there is no clear succession plan for the company, when he inevitably resigns. They were planning a $2.5B property outside of Boston that may now be nixed also, depending on how this turns out. And what happens to the Wynn name if these allegations turn out to be true. I'm assuming they would need to go through a complete re-branding at a mininum.
WYNN
Not to mention, there is no clear succession plan for the company, when he inevitably resigns. They were planning a $2.5B property outside of Boston that may now be nixed also, depending on how this turns out. And what happens to the Wynn name if these allegations turn out to be true. I'm assuming they would need to go through a complete re-branding at a mininum.
WYNN
3
Posted on 1/27/18 at 8:47 am to TigeRoots
sounds like the company itself is very healthy. it's a temporary social climate thing suppressing it. to me this is a classic buy opportunity if you are into this kind of stock
Posted on 1/27/18 at 8:50 am to oklahogjr
Probably a good buy. Even with a boycott, I'm guessing there are a lot if Wynn properties that aren't clearly identified as such, and they'll do slightly better (as they won't be boycotted and will pick up some of the people who don't want to visit a Wynn property).
Posted on 1/27/18 at 9:06 am to Bestbank Tiger
quote:
I'm guessing there are a lot if Wynn properties that aren't clearly identified as such,
Could be, but as far as I'm aware they are all labled with the Wynn name.
Posted on 1/27/18 at 9:08 am to TigeRoots
quote:
Could be, but as far as I'm aware they are all labled with the Wynn name.
Might be a good thing to check into. If they're all labeled Wynn you would wait for the stock to tank further before jumping in.
Posted on 1/27/18 at 9:14 am to TigeRoots
quote:
as far as I'm aware they are all labled with the Wynn name
This means Wynn will be the next POTUS after Trump. They both run casino empires named after themselves after all.
News will then emerge that Wynn paid six figure sums to porn actresses to keep quiet and everyone will simply shrug their shoulders.
Posted on 1/27/18 at 9:23 am to TigeRoots
Paging Dabigfella
Posted on 1/27/18 at 11:27 am to oklahogjr
quote:
it's a temporary social climate thing suppressing it. to me this is a classic buy opportunity if you are into this kind of stock
I think it's too soon to buy as more news will probably come out and hurt it even further. These things always avalanche. Also, the next two weeks of earnings season are ridiculous. Not many investors will be worried about buying Wynn right now and will take a wait and see approach. It still has room to drop IMO.
Posted on 1/27/18 at 11:37 am to stout
quote:
It still has room to drop IMO.
This is pretty much my thinking. I believe I will sell at the bell on Monday and lock in my gains. I'll certainly be looking for an entry point lower, as I feel like this could be just the tip.
Posted on 1/27/18 at 11:40 am to TigeRoots
quote:
I believe I will sell at the bell on Monday
I'd get up early and see what it does premarket.
Posted on 1/27/18 at 7:11 pm to TigeRoots
quote:
I'll certainly be looking for an entry point lower, as I feel like this could be just the tip.
???
It has zero to do with the bottom line....Wynn has giant operations in Macau, doubt seriously they are affected in the least by this. Not to mention most sjws and people who would be so put off as to boycott Wynn properties over this really don’t fit the whale gambler profile anyway. I bought yesterday at the bottom and if it slides further will continue to buy.
Posted on 1/27/18 at 7:36 pm to TJG210
So, who’s in line to take over the company when Steve resigns?
This post was edited on 1/27/18 at 7:37 pm
Posted on 1/27/18 at 7:42 pm to TigeRoots
He’s 76, I’m sure a succession plan is in place. Also it’s likely he’s mostly a figurehead with most of the control falling on the folks immediately under him. I’m not looking to hold forever, but this was a complete overreaction to something that has nothing to do with the immediate profitability of the company.
Posted on 1/27/18 at 7:50 pm to TJG210
Folks immediately underneath him as in his board? Where the youngest Board member is 55, with the next youngest being 63 and most in their 70’s. Not exactly spring chickens themselves. Profitability aside, do you honestly think this will just blow over? Especially factoring in his relationship with Trump?
Posted on 1/27/18 at 8:12 pm to TigeRoots
quote:
Profitability aside, do you honestly think this will just blow over? Especially factoring in his relationship with Trump?
I think so many people have been accused or will be that boycotting will seem stupid.
Posted on 1/27/18 at 8:27 pm to TigeRoots
quote:
. Profitability aside, do you honestly think this will just blow over? Especially factoring in his relationship with Trump?
What does it matter? The whales in Macau could give 2 shits about any of it. As far as shareholders, I’m sure plenty will be more then happy to buy a solid profitable company at a discount. As consumer sentiment rises in this country it will become even more profitable.
Posted on 1/27/18 at 9:20 pm to TJG210
It was at $162.5 earlier this month. Currently at $180. I assume it will drop some more Monday just on publicity. I’m a buyer at $162.5. Maybe $167?
Posted on 1/27/18 at 10:37 pm to dirtsandwich
I’ll be back to eat my words, but there is no way it drops another 10% on Monday absent of new claims/admitted guilt. It was released at the end of the news cycle on Friday, by Monday people will have moved on. It already started to see a small uptick post bell on Friday. Tons of very important earnings this week/super bowl, this will be the furthest thing from investors minds.
Was thumbing through the Q4 report, 78% of quarterly revenue came from Macau, the sjw’s can stomp their feet in the US all they want.
Was thumbing through the Q4 report, 78% of quarterly revenue came from Macau, the sjw’s can stomp their feet in the US all they want.
This post was edited on 1/27/18 at 11:12 pm
Posted on 1/27/18 at 11:23 pm to TJG210
Agree with TJG210.
Wynn will continue to build their Boston property, which is scheduled to open in 2019. They've already broken ground on their Las Vegas expansion. If they land a license to operate in Japan, it'll be gangbusters.
I scooped up some more stock at $180 on Friday, and I'll keep buying it over the next 2 weeks.
I'd keep an eye on Sands Corp... As Wynn slides, I'd expect Sands to climb. Sands dividend is also really nice.
Wynn will continue to build their Boston property, which is scheduled to open in 2019. They've already broken ground on their Las Vegas expansion. If they land a license to operate in Japan, it'll be gangbusters.
I scooped up some more stock at $180 on Friday, and I'll keep buying it over the next 2 weeks.
I'd keep an eye on Sands Corp... As Wynn slides, I'd expect Sands to climb. Sands dividend is also really nice.
Posted on 1/28/18 at 4:31 am to TJG210
quote:
there is no way it drops another 10% on Monday absent of new claims/admitted guilt.
I certainly hope you're right. I'm curious if his stepping down from RNC Finance Chair is somewhat of an admission of guilt?
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