Wynn Resorts (WYNN) share price traded down 80% from it’s high of $192 to $37 per share in an unprecedented sell-off reflective of the disaster Covid-19 has had on the gaming industry. Shares bounced recently as the rally off the bottom for many stocks is demonstrating values not seen often in these large companies. Shares bottomed for WYNN on March 18th at $37 and rallied 100% off these lows after a thunderous dump as the world went to cash. Las Vegas was a ghost town and it seems Wynn Resorts was the face of the sell-off and reflective of the empty streets on the strip.
Shares in Wynn Resorts has not seen these levels since September 2015, and are replicating the high volume low from 5 years ago. The Las Vegas Casino stocks have historically been the eye of the storm for investors, and are high-risk names. They also are high reward where risk is perfectly balanced. Again Wynn Resort is 80% off its high from May 2018 and is likely putting in a bottom as streets on the Las Vegas Strip will not be a ghost town forever.