Bank of America Merrill Lynch Discusses Las Vegas Strip

Bank of America Merrill Lynch is out with a research report on the gaming situation in Las Vegas. It believes that Wynn Group WYNN is likely to benefit. It has a $160 price target on shares of Wynn. In a note to clients, Bank of America Merrill Lynch writes, "By operator, WYNN is setting the bar and raising rates with Cosmo keeping cash rates high (despite add'l rooms). Caesars and other major Strip operators appear to be benefitting from overall compression (more rate than occupancy). On the negative side, contacts were mostly non-believers in LVS' comp strategy and we heard a bit of caution as it related to high end baccarat play levels in June." Shares of WYNN gained $2.97 to close at $134.30, a gain of 2.26%‎.