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Non-Tech : Bill Wexler's Trading Cabana -- Ignore unavailable to you. Want to Upgrade?

To: RockyBalboa who wrote (4891)	2/3/2009 12:36:55 PM
From: John Koligman	Respond to of 6370

I've also been following the casino stocks, MGM definitely looks attractive on the basis of what they own (a good portion of the best properties on the strip), but the thing that scares me off is that 13B in debt. My understanding is they sold Treasure Island recently to raise cash. If you look at LVS, they MASSIVELY diluted the stock recently when it was at 52 week lows, so these guys are desperate. WYNN looks to be the best operator here, last I checked they had 1.7B in cash and around 4.7B in debt. However, even WYNN is trading at fresh 52 week lows today. Regards, John PS - If you can catch a pop quickly these things really do move on a percentage basis, LVS some months ago went from 6 to 16 in a couple of days, but then right back down again.

To: RockyBalboa who wrote (4891)	2/3/2009 9:24:45 PM
From: John Koligman	Respond to of 6370

Wynn Resorts cuts salaries, work week to save cash Tuesday February 3, 6:01 pm ET Wynn Resorts trims salaries, reduces hourly workers' work weeks in move to save money LAS VEGAS (AP) -- Wynn Resorts Ltd. said Tuesday it is cutting wages for all salaried workers at its Wynn Las Vegas casino and reducing work weeks for full-time hourly employees in an effort to save about $75 million to $100 million a year. As the economic downturn keeps would-be gamblers at home, casino operators have struggled to cut costs and shore up their cash positions. Wynn said the new initiatives also include eliminating 2009 bonus accruals and suspending its 401(k) matching contributions. "We will make decisions that protect and preserve the stability of the employees and allow the company to optimize its performance," said Steven A. Wynn, chairman and chief executive, in a statement. Wynn Resorts said its balance sheet remains strong, with more than $1 billion of cash on hand and only $375 million worth of debt due to be repaid over the next two years. Wynn shares fell 91 cents, or 3 percent, to close earlier at $28.82. A year ago the stock traded as high as $124.77, but plunged as low as $28.06 in late 2008 amid the global market meltdown and credit crunch.