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Katz raised his price target on Wynn Resorts, Limited by 17.3% (from $62 to $75).

The Macau government's announcement that it plans to welcome back tour groups from mainland China in November is "the moment we've been waiting for," the analyst said, adding that China's decision to resume issuing e-visas so people can visit individually is equally good news.*

Katz pointed out that "several questions remain" and his current estimates already reflect a meaningful recovery.

Nevertheless, the announcement "should result in a notable, immediate rerating in the shares" of both Wynn and Las Vegas Sands, the analyst concluded.

From here: "Beijing is tightening control over the traveling of frequent gamblers, which the e-visa change won’t help. Packaged tour visitors are generally lower-spending players."