Developer of high-end hotels and casinos Wynn Resorts (NASDAQ:WYNN) fell in pre-market trading even after delivering robust Q3 results. The company also reached a tentative deal with the hospitality workers in Las Vegas, ending the threat of a labor strike against major casino operators.
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This new deal is for a period of five years and will cover 5,000 of Wynn’s employees. This agreement is similar to the deals reached with other casino players on the Las Vegas strip earlier this week, including Caesars Entertainment (CZR) and MGM Resorts International (MGM).
According to a Reuters report, while the financial details of the agreement were not available, the Las Vegas labor union said that it “had secured the largest wage increases ever negotiated in their history.” The deal also looks at reducing workloads, easing housekeeping room quotas, and extending recall rights for workers for up to three years in case of a pandemic or economic crisis.
Is WYNN Stock a Buy or Sell?
Analysts remain bullish about WYNN stock, with a Strong Buy consensus rating based on four Buys and one Hold. The average WYNN price target of $123.40 implies an upside potential of 36.1% at current levels.
