Wynn Resorts put volume heavy and directionally bearish

Bearish flow noted in Wynn Resorts with 7,832 puts trading, or 2x expected. Most active are May-23 92.5 puts and Jun-23 85 puts, with total volume in those strikes near 2,200 contracts. The Put/Call Ratio is 2.28, while ATM IV is up nearly 3 points on the day. Earnings are expected on May 9th.