Wynn Resorts received the first commercial gaming operator license in the United Arab Emirates
Wynn Resorts Ltd (NASDAQ:WYNN) stock is continuing its recent rally, up 1.1% at $106.60, after Friday's announcement that the company received the first commercial gaming operator license in the United Arab Emirates (UAE). This is a major step in the right direction for the casino operator as it continues to build its billion-dollar resort in Ras Al Khaimah.
WYNN is already up 39% in the last month, now headed for its seventh daily gain in the last eight trading sessions and continuing an extended bounce off its Aug. 5, 21-month low of $71.63. Should the equity manage to surpass its April peak at $110.38 any time soon, it will mark a 52-week high. Since the start of the year, the stock is up 16.9%.
Unsurprisingly -- given the recent outperformance -- Wynn Resorts stock's 14-day relative strength index (RSI) of 90 sits firmly in "oversold" territory, indicating the shares are due for a short-term dip. It's also worth noting, however, that shorts have been building their positions, and an unwinding of these bearish bets could help keep the stock afloat for a bit. Over the last month, short interest has increased 15.3% and now represents 5.4% of the stock's available float.