Encore Boston Strike Drags Into Day 48 as September Gaming Revenue Falls 22%
WYNN is trading near its 52-week low of $73.07 (6.2% above the low).
Summary
The Encore Boston Harbor walkout is now 48 days old, and Massachusetts Gaming Commission data show the damage: September gaming revenue of $46.1M, down about 22% year over year and the property's weakest month since February 2021. Slot handle fell from $444.4M to $354.4M and table game revenue dropped below $19.2M. About 1,300 UNITE HERE Local 26 and Teamsters Local 25 workers walked off September 4 over raises of roughly $10/hour for non-tipped staff and $5/hour for tipped workers, plus healthcare, pension and guaranteed hours. CEO Craig Billings has publicly called Encore's labor costs up nearly 37% over four years against sub-2% revenue growth unsustainable, and only two formal bargaining sessions have been held, though both sides describe recent talks as moving positively. Encore is a single property against a company that just posted Q2 net income of $140.1M on Macau strength, so this is a margin and headline drag rather than a thesis-breaker — but a prolonged strike plus the Gaming Commission's Thursday meeting on the impact keeps it in focus.
At the time of this announcement, WYNN was trading at $77.62 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $8B. The 52-week trading range was $73.07 to $134.72. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Seeking Alpha.