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Wynn Resorts (WYNN) “Short” Follow Up

October 27, 2009 2:58 pm

If you have been reading along, you would have scooped up two short calls that we made on Wynn Resorts (WYNN). The most recent was last week when we identified conditions that we found to be troubling for the casino operator. (Click HERE)

To top it off, Steve Wynn said in today’s conference call: “… it will not be expanding in the U.S. until management understands what is going on in the country.“

Interesting discussion from last week as Steve Wynn shows his disdain for the U.S. government’s current course.

We covered the shares today for clients at a 9% gain from the position and will look to short again if it moves toward $62.

wynnshort2

Disclosure: Horowitz & Company clients may hold positions of securities mentioned as of the date published.

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Written by Andrew Horowitz · Category(s) Markets, Short Ideas, Stocks, Strategy    |  Tags: •   

6 Responses to “Wynn Resorts (WYNN) “Short” Follow Up”

  1. TraderMark on October 27th, 2009 7:21 pm

    Way to stick with the position.

  2. Andrew Horowitz on October 27th, 2009 7:38 pm

    :-)

  3. IGE on October 27th, 2009 9:33 pm

    Locked in a nice 13% gain. Thanks Andrew

  4. Andrew Horowitz on October 27th, 2009 10:58 pm

    Nice!!!!

  5. Steve Wynn (WYNN) – A Flipp’n Genius : The Disciplined Investor on November 10th, 2009 1:13 pm

    [...] Remember over the last 2 weeks when Wynn Resorts (WYNN) shares were on a roller-coaster? The company had a successful IPO of the Wynn Macau property to the tune of $1.3billion and then refinanced about $500 million of debt. Then came the awful earnings report that took the stock down hard. (Client accounts were short into the earnings and covered for a nice profit) [...]

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