NEW YORK
Shares of Wynn Resorts Limited and Las Vegas Sands Corp. hit 52-week highs on Monday as investors continued to be bullish on the casino operators and their growing footprints in Asia.
Shares have been gaining in the past month, rising more than 20 percent for Las
Morgan Stanley analyst Mark Strawn told clients in a research note Monday that given prospects in Singapore, there is limited downside to Las Vegas Sands, and more upside.
The Chinese enclave of Singapore is a major focus for casino operators right now. Strawn said he estimates the market there is worth $5.5 billion at minimum and possibly up to $7 billion.
Gambling is also improving in Nevada. Casinos in that state reported winning more than $944 million from gamblers in August. That's up 11.5 percent over the same month last year, according to regulators there.
Strawn has a $36 target share price on the stock and "Overweight" rating.
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