Casino and resort operators may not be the first place you look when the stock market is in a funk, but Wynn Resorts (Nasdaq: WYNN) deserves consideration. Its shares have lost more than half of their value over the past year, mainly due to a slowdown in the gambling mecca of Macau, China, where Wynn derives the majority of its revenue.
The company cut its dividend significantly earlier this year, but it still yielded a solid 3 percent recently. The cut was made to help it plow more billions of dollars into further growth. Wynn is currently investing in its largest project to date: the Wynn Palace in Macau, which is to be a 1, 700-room, $4.1 billion luxury casino resort. The Wynn Palace will be well positioned to capitalize on the Macau turnaround that’s expected to take place in the coming years.
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