Yahoo Autos Wynn Resorts gets too rich for investors
Investors back away from Wynn shares as price continues to climb
Wynn Resorts Ltd. shares fell in trading Friday as some investors found its stock too high priced, despite its strong quarterly performance.
THE SPARK: The Las Vegas-based company said Thursday that it made more money than expected in China, which drove its third-quarter earnings above analyst forecasts. But its stock is up more than 50 percent so far in 2013, making it less attractive to some investors and shares fell.
THE BIG PICTURE: Wynn, like many casino operators, has benefited from gains in the Chinese gambling enclave of Macau. It is the only place in China where gambling is legal. It opened to foreign investors in the early 2000s and a number of U.S. casinos have opened sites there, which helped many survive a slowdown domestically.
