Wynn Resorts Stock Price, News & Analysis

WynnBET, the sports betting app from Wynn Resorts, has announced a multi-season marketing partnership with the Memphis Grizzlies, aiming to enhance its presence in the Tennessee sports community. This collaboration will feature a digital-first strategy with integrations across Grizzlies' media platforms and unique fan experiences, including a WynnBET branded lounge at games. Following recent partnerships with NASCAR, WynnBET is expanding rapidly, now operational in New Jersey, Colorado, and Michigan, with further market access opportunities in several states, including Tennessee and Virginia.

WynnBET has received conditional approval to operate its online sports betting app in Tennessee. This marks the ninth state where WynnBET has gained market access, enhancing its growth strategy in the booming online sports betting market. The app offers a user-friendly interface with numerous betting options for both experienced and novice bettors. Currently available in New Jersey, Colorado, and Michigan, WynnBET is also pursuing licenses in additional states, including Virginia. The company aims to expand its market presence further in 2021, backed by Wynn Resorts' reputation for quality service.

Wynn Resorts, Limited (NASDAQ: WYNN) announced a follow-on offering of 6,500,000 shares of common stock at $115.00 per share, increasing the initial offering by 1,000,000 shares. The underwriters have a 30-day option to purchase an additional 975,000 shares. Proceeds will be used for general corporate purposes. The offering is expected to close on February 11, 2021, subject to customary conditions. Deutsche Bank, Goldman Sachs, and BofA Securities are the joint lead managers. An effective shelf registration statement was filed with the SEC on November 6, 2019.

Wynn Resorts (NASDAQ: WYNN) has initiated an underwritten public offering of 5,500,000 shares of common stock, with an option for underwriters to purchase an additional 825,000 shares within 30 days. The proceeds will be allocated for general corporate purposes. Deutsche Bank Securities, Goldman Sachs & Co. LLC, and BofA Securities, Inc. are the joint lead managers for this offering. An effective shelf registration statement was previously filed with the SEC on November 6, 2019. For detailed investment information, potential investors are encouraged to review the prospectus available on the SEC's website.

Wynn Resorts reported a 58.5% decline in Q4 2020 revenues to $686 million, with a net loss of $269.5 million or $2.53 per share, compared to a loss of $72.9 million in Q4 2019. Annual revenues fell 68.3% to $2.10 billion with a total net loss of $2.07 billion. Despite the challenges posed by COVID-19, operations showed signs of recovery, particularly in Macau and Las Vegas. WynnBet continues to expand its presence, operational in three states, with plans for more launches in 2021. The company's cash reserves stood at $3.48 billion.

Wynn Resorts, Limited (NASDAQ: WYNN) is set to announce its financial results for Q4 2020 on February 4, 2021, after market close. A conference call is scheduled for 1:30 p.m. PT (4:30 p.m. ET) to discuss these results, which will be accessible via their website and phone. A replay will be available until March 4, 2021. The financial report will highlight key metrics that investors should monitor closely.

Wynn Las Vegas has achieved the Sharecare Health Security VERIFIED™ status, confirming its commitment to guest safety through rigorous health and safety protocols. This verification, endorsed by Forbes Travel Guide, ensures compliance with expert-validated practices designed to mitigate COVID-19 risks. The resort has also established an onsite COVID-19 vaccination center and plans to open a testing lab for PRC tests. With over $250 million invested to support employees during the pandemic, Wynn holds a reputation for accountability in health security.