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Keith shorted WYNN in the Hedgeye Virtual Portfolio at $124.33.  According to his model, there is solid TRADE and TREND resistance at $131 and $139, respectively.

As we mentioned in our notes "Macau Observations" and "Receivables Don't Look Out of Whack" (published on 11/16/11 and 11/17/11, respectively), we believe LVS's recent aggression on junket commissions and credit will affect the other Macau operators.  Wynn Macau is in sort of a Catch 22 - either they raise commission rates and/or expand junket credit or continue to lose share, possibly at an accelerated rate.  Should they pursue a more aggressive junket strategy, they risk losing the  perception of invincibility in the eyes of investors.   

WYNN: TRADE UPDATE - wynn