Union Gaming upgrades Wynn Resorts (NASDAQ:WYNN) to a Buy rating from Hold with the Macau recovery expected to begin tomorrow amid relaxed quarantine rules.

"We expect the initial recovery will be in the premium mass and VIP segments and anticipate a flight to asset quality for both investors and consumers. As we have seen so often in the past, we expect the shares of Wynn Resorts/Macau to lead the initial recovery in the Macau names," writes analyst John DeCree.

DeCree reminds that the recovery won't be instantaneous. "While alleviating border restrictions in Guangdong is a solid first step, well look forward to more good news hopefully later this summer on reinstating IVS and green health code reciprocity with Hong Kong," he notes.

Shares of Wynn Macau (OTCPK:WYNMF)closed up 6.56% today in Hong Kong. Wynn Resorts are0.15% higherpremarket in the U.S. after yesterday's sizzling 9.63% rally.

Originally posted here:

Wynn Resorts expected to lead out Macau recovery - Seeking Alpha