Wynn Has Wealthiest Casino Customers, Wells Fargo Says
Inflation has caused a big rise in consumer prices. Wells Fargo analysts looked at what this means for casino companies. They found that Wynn has the wealthiest customers.
The companies with the strongest presence on the Las Vegas strip have the highest HHIs.
Wynn has the most wealthy casino customers. Caesars Entertainment Inc. has third most valuable customer.
Wynn has the highest percentage of high-net-worth customers. Penn National shares have lost 35% year to date, Boyd has dipped 8%, and Caesars has fallen 44%.
Red Rock shares are down 28% year to date. Bally's has the greatest exposure to the under $70,000 cohort. Penn National, Baly's, Churchill Downs and Boyd have the most properties catering to customers with HHI levels below $ 70,00. Wynn, MGM, Red Rock and Caesars are also on the watch list.