Wynn Resorts Stock Price, News & Analysis

WynnBET, a leading casino and sports betting app from Wynn Resorts, announces its launch in Michigan after receiving approval from the Michigan Gaming Control Board. This marks WynnBET's third market entry, following New Jersey and Colorado, with plans for further expansion in 2021, including secured access in Indiana, Iowa, Nevada, and Massachusetts. The app combines sports betting and casino games in a user-friendly platform, aiming to capture Michigan's engaged sports and casino fanbase. WynnBET's growth strategy is supported by a partnership with GAN and the Sault Ste. Marie Tribe of Chippewa Indians.

WynnBET, the sports betting app by Wynn Resorts, has expanded its market access to seven states including New Jersey, Colorado, and Iowa through a multi-year partnership with Elite Casino Resorts. The app is expected to enhance mobile sports betting for fans in Iowa, offering access to the Riverside Casino and Golf Resort. WynnBET has confirmed plans for rapid expansion, targeting approximately two-thirds of the U.S. online betting market. The platform delivers a user-friendly interface and integrates social betting experiences, aiming to attract both new and experienced bettors.

The UMC COVID-19 Vaccination Center will open at Encore at Wynn Las Vegas on January 18, 2021. This initiative aims to bolster Nevada's economic and health recovery following the COVID-19 pandemic. Initially, the center will provide vaccines to residents aged 70 and older, healthcare workers, and first responders. Appointments are required, and the center is equipped to administer hundreds of vaccinations daily. Wynn Resorts emphasizes its commitment to community health through this partnership, which follows prior successful employee testing programs.

WynnBET, the online gaming division of Wynn Resorts, has launched the Big Game Experience in New Jersey, offering bettors a chance to win a complimentary $50,000 bet on the upcoming championship game. The winner and three guests will enjoy a three-night stay at Wynn Las Vegas. To enter, users must place a qualifying $10 sports wager or $30 casino wager by January 24, 2021. WynnBET aims for rapid expansion in 2021, having secured market access in additional states.

The year 2020 marked significant progress for online gaming legalization in the United States, with numerous states adding online casino betting following the November elections. President-Elect Joe Biden's support for the industry is expected to further drive momentum in 2021. Key players like Bragg Gaming Group, Wynn Resorts (NASDAQ:WYNN), MGM Resorts International (NYSE:MGM), Flutter Entertainment, and Caesars Entertainment (NASDAQ:CZR) are expanding their operations to seize new opportunities. Bragg has formed partnerships to enhance its market reach, while Wynn and MGM have launched online betting platforms, indicating a robust growth trajectory.

Wynn Las Vegas is set to launch Wynn Rewards, a new customer loyalty program, on December 21, 2020. This program will replace the existing Red Card loyalty scheme, with current members automatically enrolled. The initiative aims to enhance guest experiences through personalized offers and benefits across three tiers: Red, Platinum, and Black. Members can earn slot points and COMP DOLLARS for a variety of amenities including hotel stays and dining. The program was initially introduced at Encore Boston Harbor earlier this year.

Wynn Resorts (NASDAQ: WYNN) reported a 77.5% decline in operating revenues for Q3 2020, totaling $370.5 million, a drop of $1.28 billion from Q3 2019. The company recorded a net loss of $758.1 million or $7.10 per diluted share, compared to a loss of $3.5 million in the prior year. Adjusted Property EBITDA was $(65.9) million, a stark contrast to $396.9 million in Q3 2019. Despite the losses, Wynn reported improved performance at Encore Boston Harbor and signs of recovery in Macau, with operational adjustments amid ongoing COVID-19 restrictions.

Wynn Resorts, Limited (NASDAQ: WYNN) will report its third-quarter financial results for the period ending September 30, 2020, after market close on November 5, 2020. A conference call is scheduled for 1:30 p.m. PT (4:30 p.m. ET) for discussing the results. Interested parties can join the call via a dedicated link or by phone. A replay will be available until December 5, 2020, with access codes provided for convenience.

NASCAR and WynnBET, part of Wynn Resorts, have signed a multi-year sports betting partnership. WynnBET will create unique betting experiences for NASCAR fans across the U.S. and aims to offer a range of betting options during the NASCAR season. As part of its expansion, WynnBET is applying to operate legally in Virginia, where sports betting has been legalized. The partnership will establish WynnBET as the Official Online Sportsbook for Martinsville Speedway and Richmond Raceway, enhancing fan engagement and potentially increasing WynnBET's customer base and revenue.