Wynn Resorts is said trying to sell online sports betting business at big discount

  • Wynn Resorts (NASDAQ:WYNN) is said looking to sell its online sports betting business at what appears to be a deep discount.
  • Wynn (WYNN) is attempting to sell its WynnBet online gaming app and has reduced the price to $500M after scrapping a deal to take WynnBet pubic through a $3.2B SPAC transaction with Austerlitz Acquisition Corp. I (NYSE:AUS) in November, according to a NY Post report.
  • Wynn Resorts outgoing CEO Matt Maddox said during the casino operator's November earnings call that the market for the company's interactive business was not "sustainable."
  • "Competitors are spending too much to get customers," Maddox said at the time. "The economics are just not something that we're going to participate in in the short term."
  • Some of WynnBet's competitors include DraftKings (NASDAQ:DKNG), Penn National Gaming , MGM Resorts (NYSE:MGM) and Entain's (OTCPK:GMVHF) BetMGM, Flutter Entertainment (OTCPK:PDYPY), Caesars Entertainment (NASDAQ:CZR) and Rush Street Interactive (NYSE:RSI).

    Over the current book year the company from Las Vegas could achieve a revenue around 4.87 billion USD (consensus estimates). This is quite more than 2021's revenue of 3.76 billion USD.

    Historical revenues and results Wynn Resorts plus estimates 2021

    historische koersen

    The analysts expect for 2021 a net loss of 169 million USD. According to most of the analysts the company will have a loss per share for this book year of 1.03 USD. The price-earnings-ratio equals -64.93.

    For this year analysts don't expect the company to pay a dividend. The average dividend yield of the restaurants & bars companies is a moderate 1.49 percent.

    Based on the current number of shares Wynn Resorts 's market capitalization equals 7.22 billion USD. -52

    At 21.00 the stock trades 3.95 percent higher at 66.88 USD.

    Historical stock prices Wynn Resorts

    financial analysis wynnresorts

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