Analysts are blaming the World Cup for a 3.7 percent drop in Macau's gambling revenue for the month of June, which was actually a little less than expected.
China's Macau rakes in several times the amount of gambling revenue as does Las Vegas, and one company that is quite dependent on Macau is Wynn Resorts. About 72 percent of Wynn's $5.7 billion in annual revenue come from Macau according to their public filings.
Gina Sanchez, founder of Chantico Global, believes Macau'scasinorevenuewill remain strong and Wynn will benefit. "They're still projected strong earnings for the rest of the year," said Sanchez, a CNBC contributor. "Wynn is at the top of that heap and they are extremely exposed to Macau."
Any concerns about China's economy won't affect Macau as much, according to Sanchez. "This is definitely one of those recession-proof industries," she said. "Things still actually look favorable for the industry and particularly for Wynn, who is doing better than the average in the industry."
Mark Newton, chief technical analyst at Greywolf Execution Partners, is also betting on Wynn, but he's doing so because of the charts.
"Wynn continues to be one of the technically strongest stocks in the entire gaming sector," said Newton. "This stock should continue to move higher."
On the short-term chart, Newton sees Wynn shares finally breaking above a downtrend resistance that began after making a record high of $249.31 in early March. He believes the stock will move somewhere between $225 and $235 in the near term.
Newton also sees strength in the long-term chart of Wynn, with its textbook-like 0.382 Fibonacci retracement to $188.43 in late April and consolidation.
"In the last couple of months, we've seen consolidation," Newton said. "The stock appears to be trying to head back to the upside. So, my thinking is it continues to look strong. I would favor this stock as part of a portfolio of gaming stocks. I think we should outperform and I expect the stock to move higher."
To see the full discussion on Wynn Resorts, with Sanchez on the fundamentals and Newton on the technicals, watch the above video.
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