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'Wynn (WYNN) Creates an Aspirational Product,' Morgan Stanley's Allen Tells CNBC

NEW YORK (TheStreet) --Wynn Resorts (WYNN) has opened its doors to the new Wynn Palace in Macau, the only region where gambling is permissible in China. Morgan Stanley (MS) analyst Thomas Allen has an "overweight" rating on Wynn Resorts and joined Monday afternoon's CNBC "Fast Money Halftime Report" to break down the stock.

"We've been a bit more bullish on Wynn and more bullish on the market and it's not without risk. Our call on Wynn is about taking market share more than anything else. I think what people have to remember is Wynn creates an aspirational product, that people want to go to," Allen explained.

Moreover, Allen cited a survey Morgan Stanley conducted that concluded by stating Chinese gamblers were 26% more likely to return to the Chinese market for gambling once Wynn Palace opens. "There's a lot of pent-up demand," Allen said.

Allen then...