{"id":17236,"date":"2015-11-18T11:11:56","date_gmt":"2015-11-18T19:11:56","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=17236"},"modified":"2018-08-01T08:54:28","modified_gmt":"2018-08-01T16:54:28","slug":"boyd-upbeat-on-wall-street-wynn-palace-on-hold","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/boyd-upbeat-on-wall-street-wynn-palace-on-hold\/","title":{"rendered":"Boyd &#8216;upbeat&#8217; on Wall Street; Wynn Palace on hold"},"content":{"rendered":"<p><strong>Boyd Gaming<\/strong> CEO <strong>Keith Smith<\/strong> and\u00a0CFO <strong>Josh Hirsberg<\/strong> lunched with <strong>Deutsche Bank<\/strong>&#8216;s <strong>Carlo Santarelli<\/strong>, who found their mood bright and shiny. &#8220;Management remains confident that if current [<strong>Las Vegas<\/strong>]\u00a0locals and regional gaming revenue trends hold firm, it can continue to improve margins,&#8221; Santarelli wrote. He also found that management wasn&#8217;t standing pat on acquisitions, the question mainly being of finding one that justifies the leverage involved. Also, a REIT conversion is still under discussion\u00a0but with no urgency attached.<\/p>\n<p>Management admitted that Vegas locals business was 50% off of its all-time peak (and it <em>does<\/em> remain volatile), moving Santarelli to observe that this was &#8220;the most detached&#8221; aspect of Boyd&#8217;s larger growth story. He kept his price target at $24\/share (Boyd currently trades at $20.40. At least Santarelli kept a more open mind than most of <strong>Wall Street<\/strong>, which usually greets Boyd with a shrug.<\/p>\n<p>* Given that <strong>Studio City Macau<\/strong> opened and didn&#8217;t budge\u00a0the <strong>Macao<\/strong> market one bit, Santarelli is right to say &#8220;Why not&#8221; when <strong>Wynn Resorts<\/strong> announced that it was pushing <strong>Wynn Palace<\/strong> back <a href=\"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-content\/uploads\/2015\/08\/wynn-palace-macau-image_large.png\"><img loading=\"lazy\" class=\"alignright size-medium wp-image-16588\" src=\"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-content\/uploads\/2015\/08\/wynn-palace-macau-image_large-300x212.png\" alt=\"wynn-palace-macau-image_large\" width=\"300\" height=\"212\" srcset=\"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-content\/uploads\/2015\/08\/wynn-palace-macau-image_large-300x212.png 300w, https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-content\/uploads\/2015\/08\/wynn-palace-macau-image_large-150x106.png 150w, https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-content\/uploads\/2015\/08\/wynn-palace-macau-image_large.png 580w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/a>to June 2016, off <strong>Steve Wynn<\/strong>&#8216;s oft-iterated March 25, 2016, opening date. &#8220;Our conversation with management gives us some comfort that there is not much more behind the release than what is stated,&#8221; wrote Santarelli who added that there were no governmental or labor issues behind the delay, nor was there any change in the budget.<\/p>\n<p>&#8220;Broadly, while we are surprised by the announcement, given our negative view of the impacts of new supply into the current market climate, we don\u2019t think the 3 month delay is entirely meaningful from a fundamental perspective,&#8221; he added. &#8220;We continue to believe Wynn Palace will be the next property to open in the market.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Boyd Gaming CEO Keith Smith and\u00a0CFO Josh Hirsberg lunched with Deutsche Bank&#8216;s Carlo Santarelli, who found their mood bright and shiny. &#8220;Management remains confident that if current [Las Vegas]\u00a0locals and regional gaming revenue trends hold firm, it can continue to &hellip; <a href=\"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/boyd-upbeat-on-wall-street-wynn-palace-on-hold\/\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[60,14,62,93,32,1,38],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/17236"}],"collection":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/comments?post=17236"}],"version-history":[{"count":3,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/17236\/revisions"}],"predecessor-version":[{"id":22190,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/17236\/revisions\/22190"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=17236"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=17236"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=17236"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}