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Article: Analyst skeptical about Wynn Resorts' stock.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- November 30, 2004
CopyrightCOPYRIGHT 2004 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Las Vegas Review-Journal Knight Ridder/Tribune Business News
Nov. 30--Wynn Resorts' shares have more than doubled this year, but BusinessWeek Online writer Robert Baker views the stock skeptically.
"Investors may be partying in fantasyland," he wrote in an article posted Friday. "First you might look for profits at Wynn Resorts. You'd find no evidence of them -- in fact, there are no revenues to speak of. Since its inception, Wynn Resorts has spilled $181 million in red ink while developing its properties."
He notes that Wynn Resorts, the company behind Wynn Las Vegas, which will open on the Strip in April, and Sands Macau, had raised $2.2 ...