Gabelli Raising Estimates On Wynn Casinos

Gabelli & Co. is raising its estimates on Wynn Casinos WYNN after it reported earnings last night. It has a Buy rating on shares. In the note, Gabelli & Co. writes, "We are raising our 2011 and 2012 EPS estimates to $5.90 and $6.70, from $4.20 and $5.40 respectively, following 2Q results. Of the large gaming operators, WYNN has the strongest balance sheet, greatest liquidity and best-in-class assets. WYNN ended the quarter with $3.1 bn in debt and $1.7 bn in cash." Shares of WYNN are up $5.59 in pre-market trading to $170.48, a gain of 3.4%.