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Wynn and MGM Merger Speculation • This Week in Gambling
Shares of Las Vegas-based casino operator Wynn Resorts ended Thursday’s trading day up over 7%, making it TheStreet’s Move of the Day. The reason was merger speculation. TheStreet’s Jim Cramer, portfolio manager of the Action Alerts PLUS Charitable Trust Portfolio, noted on CNBC there is speculation of a Wynn merger with Las Vegas-based competitor MGM Resorts International. Wynn’s first-quarter earnings, released in late April, included earnings per share of 70 cents, falling short of the consensus estimate. Revenue slumped almost 28% year over year to $1.09 billion. Revenue from Wynn’s Macau properties, a major casino hub in China, dropped nearly...
This Week in Gambling