running aces casino and racetrack“We would expect to see Wynn stock re-rate if Biden wins the presidency.”Prior to Allen’s call, the last two analyst rating actions on Wynn stock were downgrades.That’s because the gaming company depends on Macau for 75 percent or more of its earnings before interest, taxes, depreciation and amortization (EBITDA) and revenue in normal quarters.As such, in advance of tomorrow’s US elections, some gaming analysts are saying a victory by former Vice President and Democratic nominee Joe Biden will benefit Macau operators, including Wynn. Casinos additionally share a “luxury tax” with the CRDA that amounts to nine percent of their hotel revenue, three percent on alcohol sales, and nine percent on entertainment receipts.With gaming and overnight stays down, and concert entertainment nonexistent, the CRDA is expected to see its income drop.“Despite the severe revenue shock and resulting narrower resilience, the resumptiblackjack casino worldon of taxable activity at a reduced level suggests that recovery is underway,” Fitch reasons. lucky tiger casino avist of about .We upgrade Wynn as we see 1) an upcoming operating inflection with further upside post-COVID, 2) overblown concerns about Macau high-end, & 3) a positive catalyst if Biden wins, all at an attractive valuation,” according to Morgan Stanley.The bank anoints Wynn stock as its new favored cyclical idea. t of about .We upgrade Wynn as we see 1) an upcoming operating inflection with further upside post-COVID, 2) overblown concerns about Macau high-end, & 3) a positive catalyst if Biden wins, all at an attractive valuation,” according to Morgan Stanley.The bank anoints Wynn stock as its new favored cyclical idea. BBB ratings indicate a low default risk, but “adverse business or economic conditions are more likely to impair this capacity.”The downgrade of CRDA’s luxury tax revenublackjack casino worlde bonds to ‘BBB’ from ‘BBB+’ reflects the severity of pledged revenue declines in 2020, the likely slow trajectory of the recovery for casino and other entertainment activity in Atlantic City, and thus luxury tax receipts, and the resulting higher vulnerability of the structure to revenue volatility in the near term, relative to our pre-pandemic expectations,” Fitch said in its note.Founded in 1984 by the New Jersey State Legislature, the CRDA facilitates economic and community development throughout Atlantic City by leveraging assets and revenues with private investment capital.City Casinos StrugglingFitch explains that its downgrade on the CRDA bonds is due to the economic damage Atlantic City’s nine casinos are enduring as a result of COVID-19. twin river casino open today

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mgm grand casino covidt of about .We upgrade Wynn as we see 1) an upcoming operating inflection with further upside post-COVID, 2) overblown concerns about Macau high-end, & 3) a positive catalyst if Biden wins, all at an attractive valuation,” according to Morgan Stanley.The bank anoints Wynn stock as its new favored cyclical idea. That’s because his administration will likely take a softer tone toward geopolitical relations with the world’s second-largest economy.Along those lines, there’s also chatter that a win by Biden will ease the concession renewal process for US-basedblackjack casino world Macau operators, potentially eliminating the specter of new fees and penalties or the risk that licenses won’t be renewed at all.Bull Case for the PatientMorgan Stanley analyst Thomas Allen lays out a bull case for Wynn stock. BBB ratings indicate a low default risk, but “adverse business or economic conditions are more likely to impair this capacity.”The downgrade of CRDA’s luxury tax revenublackjack casino worlde bonds to ‘BBB’ from ‘BBB+’ reflects the severity of pledged revenue declines in 2020, the likely slow trajectory of the recovery for casino and other entertainment activity in Atlantic City, and thus luxury tax receipts, and the resulting higher vulnerability of the structure to revenue volatility in the near term, relative to our pre-pandemic expectations,” Fitch said in its note.Founded in 1984 by the New Jersey State Legislature, the CRDA facilitates economic and community development throughout Atlantic City by leveraging assets and revenues with private investment capital.City Casinos StrugglingFitch explains that its downgrade on the CRDA bonds is due to the economic damage Atlantic City’s nine casinos are enduring as a result of COVID-19. paragon casino resortCasinos additionally share a “luxury tax” with the CRDA that amounts to nine percent of their hotel revenue, three percent on alcohol sales, and nine percent on entertainment receipts.With gaming and overnight stays down, and concert entertainment nonexistent, the CRDA is expected to see its income drop.“Despite the severe revenue shock and resulting narrower resilience, the resumptiblackjack casino worldon of taxable activity at a reduced level suggests that recovery is underway,” Fitch reasons. Fitch Ratings has downgraded approximately 5 million worth of bonds issued by the New Jersey Casino Reinvestment Development Authority (CRDA). Fitch Ratings has downgraded approximately 5 million worth of bonds issued by the New Jersey Casino Reinvestment Development Authority (CRDA). doubledown casino official website

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bellagio casino mibibippiThat’s a 15.1 percent drop compared with September 2019.The CRDA is funded through a 1.25 percent Investment Alternative Tax on GGR. BBB ratings indicate a low default risk, but “adverse business or economic conditions are more likely to impair this capacity.”The downgrade of CRDA’s luxury tax revenublackjack casino worlde bonds to ‘BBB’ from ‘BBB+’ reflects the severity of pledged revenue declines in 2020, the likely slow trajectory of the recovery for casino and other entertainment activity in Atlantic City, and thus luxury tax receipts, and the resulting higher vulnerability of the structure to revenue volatility in the near term, relative to our pre-pandemic expectations,” Fitch said in its note.Founded in 1984 by the New Jersey State Legislature, the CRDA facilitates economic and community development throughout Atlantic City by leveraging assets and revenues with private investment capital.City Casinos StrugglingFitch explains that its downgrade on the CRDA bonds is due to the economic damage Atlantic City’s nine casinos are enduring as a result of COVID-19. (Image: Press of Atlantic City)The credit agency lowered its CRDA rating from BBB+ to BBB. Shares of the Encore Boston Harbor operator are lower by almost 48 percent year-to-date but are up more than three percent with the help of the Morgan Stanley upgrade.Electoral ImplicationsIn the wake of the coronavirus pandemic, operators with exposure to Macau continue struggling, as visits to the world’s largest gaming center remain slack, pinching gross gaming revenue (GGR) in the process.That, coupled with President Trump’s heavy-handed approach to relations with China, are among the factors weighing on Wynn stock this year. the US and China, would at least help mitigate the extreme bear case that WYNN’s concession would not be renewed,” the analyst said. “We would expect to see Wynn stock re-rate if Biden wins the presidency.”Prior to Allen’s call, the last two analyst rating actions on Wynn stock were downgrades.harrah s cherokee casino games