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Wynn Resorts, Limited (WYNN): Here is What Longleaf Partners Fund Says About It

Longleaf Partners Fund released its Investor Letter for the first quarter of 2019, which you can track down a copy of it here. The fund disclosed its return for the quarter reporting gains of 11.88% trailing the S&P 500 that delivered 13.65%. It also examined several companies in its portfolio, among which is Wynn Resorts, Limited (NASDAQ:WYNN), for which it wrote:


(Q1Investment return; Q1 Fund contribution)

Wynn Resorts (21%,0.96%), the casino and hotel operator, grew revenues and EBITDA at the Wynn Palace in Macau 13% and 20% respectively in the fourth quarter. While Wynn’s original property in Macau declined as expected with the ramp up of Wynn Palace, the combination of the two continued to grow, and Macau overall performed better than expectations as the first quarter went on. Domestically, Las Vegas revenues grew 3%, and the Boston Harbor resort is closer to its June opening after several years of construction and Massachusetts Gaming Commission hearings in April. New CEO Matt Maddox and the reshaped board demonstrated their shareholder alignment by repurchasing discounted shares at a 6% annualized pace.

Food and entertainment stocks, SGMS, Scientific Games, Casino Stocks

Copyright: sainaniritu / 123RF Stock Photo

Wynn Resorts, Limited is a Las Vegas, Nevada-based corporation that owns and runs casino resorts. Over the past six months, the company’s stock gained 56.08%, and on April 25th it had a closing price of $147.00. The company has a market cap of $15.82 billion, and it is trading at a price-to-earnings ratio of 27.48.

At the end of the fourth quarter, a total of 46 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of 7% from the second quarter of 2018. On the other hand, there were a total of 50 hedge funds with a bullish position in WYNN a year ago. So, let’s see which hedge funds were among the top holders of the stock and which hedge funds were making big moves.

Among these funds, Lone Pine Capital held the most valuable stake in Wynn Resorts, Limited (NASDAQ:WYNN), which was worth $589.1 million at the end of the third quarter. On the second spot was Melvin Capital Management which amassed $223.2 million worth of shares. Moreover, OZ Management, Southeastern Asset Management, and D1 Capital Partners were also bullish on Wynn Resorts, Limited (NASDAQ:WYNN), allocating a large percentage of their portfolios to this stock.


Disclosure: None.

This article is originally published at Insider Monkey.

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