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Analyst Ups Wynn Resorts Rating | Gaming News

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Analyst Ups Wynn Resorts Rating
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NEW YORK -- An analyst boosted his rating for casino operator Wynn Resorts Ltd. on Tuesday, saying the casino operator is likely to see continued strength in Macau in 2011.

Macau is the only place in China where gambling is legal. On Monday shares of casino operators with properties there, including Wynn, Las Vegas Sands Corp. and MGM Resorts International, climbed after a report showed Macau's December gambling revenue rose 66 percent from the year-ago period.

Aside from Macau, KeyBanc Capital Markets Dennis Forst said in a client note that Wynn should benefit from a strong balance sheet.

He increased Wynn's rating to "Hold" from "Underweight." Forst also raised the Las Vegas-based company's fourth-quarter earnings estimate to 74 cents from 52 cents per share and lifted its 2010 estimate to $1.92 from $1.69 per share. For 2011, the analyst now anticipates earnings of $2.67 per share. Forst previously predicted earnings of $2.39 per share for the year.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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