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Wynn Resorts Ltd. Message Board

  • grange707 grange707 Feb 26, 2009 1:43 PM Flag

    Las Vegas Market & WYNN

    I live in LV. I have scouted Wynn and Venetian for the past year. I usually walk through both properties twice a week. The drop in clients has been remarkable. It is even more noticeable for the past month. I rode LVS & WYNN down for 9 mo. with puts, did not short either. About 30 days ago, I took several 25, 22.50, 20, 15, 10 puts in WYNN that go out to June.

    I walked through WYNN every day this week. Monday and Tuesday, you could drive a truck through and not hit anybody. The table limits were down to $10 at WYNN and $5 at Encore. This is NASCAR week in LV and for this property to be this empty this week tells a story. Yesterday, the traffic was up at WYNN,(compared to Mon, Tues.) they also were having a poker tournament. This also tells a tale. I spoke to a dealer who said that entrys typically sold out within 24 hours of announcement of the tournament, this time only 3/4 of chairs will be filled.

    I increased my puts today on relative strength. I look forward to the day when markets go up, rather then down.

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