KeyBanc downgrades Wynn Resorts (NASDAQ: WYNN) from Hold to Underweight with a price target target of $21, after announcing substantial labor cost cutting initiatives for its Las Vegas properties.
KeyBanc analyst says, "After the close WYNN announced substantial labor cost cutting initiatives for its Las Vegas properties. This is the first time we can ever remember this management team taking such drastic measures. In addition, on a conference call Steve Wynn commented that spending (labor, marketing, promotions, etc.) on the Encore opening was of a magnitude consistent with a boom time economy.
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