Wynn Resorts Stock Price, News & Analysis

Wynn Resorts and Austerlitz Acquisition Corporation I have announced the immediate termination of their merger agreement which aimed to combine Austerlitz I with Wynn Interactive, a subsidiary of Wynn Resorts. This decision came as both companies agreed to halt the merger process, impacting strategic growth plans for Wynn Interactive. CEO Craig Billings expressed confidence in the future of WynnBET, stating the company will focus on a more targeted user acquisition strategy while planning expansions into new states like New York.

Wynn Resorts, Limited (NASDAQ: WYNN) reported operating revenues of $994.6 million for Q3 2021, up from $370.5 million in Q3 2020. Net loss was $166.2 million, or $1.45 per diluted share, a significant improvement from the $758.1 million loss, or $7.10 per diluted share, a year prior. Adjusted Property EBITDA rose to $154.6 million compared to a loss of $(65.9) million in Q3 2020. The company highlighted recovery in Las Vegas and confidence in Macau's consumer demand as key points for future growth.

Wynn Resorts announced that CEO Matt Maddox will step down on January 31, 2022, following a unanimous decision by the Board. Craig Billings, currently CEO of Wynn Interactive, will succeed him starting February 1, 2022. Maddox has led the company through significant challenges, including the pandemic, and is credited with enhancing diversity in leadership and the successful launch of Encore Boston Harbor. Billings brings extensive industry experience and has been a board member since 2018.

WynnBET has announced that it has secured market access for online sportsbook operations in New York, marking the company's entry into the 19th jurisdiction. The New York State Gaming Commission approved WynnBET's application, originally submitted in August 2021. WynnBET currently operates in states like Arizona, New Jersey, and Virginia, reaching approximately 50% of the U.S. population and negotiating access to six more states. This expansion aims to enhance customer engagement and rewards for existing users while attracting new clientele.

Wynn Resorts (NASDAQ: WYNN) will announce its Q3 financial results on November 9, 2021, after market close. This will be followed by a conference call at 1:30 PM PT (4:30 PM ET). Interested parties can access the live broadcast on their website or by dialing (888) 455-5965. Additionally, a replay will be available until December 10, 2021.

WynnBET has partnered with Delaware North to gain market access for online sportsbook and casino operations in West Virginia, expanding its reach to 18 jurisdictions. This partnership allows WynnBET to tap into Delaware North's existing casinos, enhancing its footprint to cover approximately 44% of the U.S. population, with the potential to reach 77% as it negotiates access in seven more states. The rapidly evolving regulatory landscape will influence market access agreements.

WynnBET has appointed Ian Williams as Chief Operating Officer, a seasoned professional with 20 years in the gaming industry. Previously President of Online Gaming at Churchill Downs Inc., Williams helped transform its online wagering business into a profitable venture. He will oversee WynnBET's core functions including trading, marketing, and customer service, reporting to Wynn Interactive CEO Craig Billings. Williams has extensive experience securing market access across multiple states and aims to facilitate WynnBET's growth in a competitive landscape.

WynnBET, part of Wynn Resorts, has announced it has secured market access in Louisiana, expanding its footprint to 17 jurisdictions. This includes states such as Arizona, New Jersey, and Michigan, collectively representing about 46% of the U.S. population. WynnBET is in negotiations for access in an additional seven states, potentially increasing coverage to 77% of the U.S. adult population. The company emphasizes that access is subject to regulatory approvals.