Why This Investor Just Bought Wynn Resorts Stock

Cerity Partners' Jim Lebenthal recently bought Wynn Resorts Ltd (NASDAQ: WYNN) stock as a reopening play, he said Tuesday on CNBC's "Fast Money Halftime Report."

Lebenthal's Thesis: Lebenthal expects the COVID-19 delta variant concerns to subside, which should lead to increasing interest in reopening names. 

Many of the reopening plays have trended lower over the last three months. 

Wynn Resorts is particularly well positioned as it's geographically diversified through its operations in Las Vegas, Boston and Macau, he said. 

The company also has its Wynn Interactive online gambling business which recently received a private equity investment from Bill Foley.

"This is a great mix of businesses here," Lebenthal said. "I really like the price I am getting it for and again, I'm adding to the reopening trade."

WYNN Price Action: Wynn Resorts has traded as high as $143.88 and as low as $67.70 over a 52-week period.

The stock was up 4.46% at $104.77 at the time of publication. 

Photo: Jay George from Pixabay.