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).

    For this year the company, based in Las Vegas revenue will be around 4.87 billion USD. This is according to the average of the analysts' estimates. This is hugely more than 2021's revenue of 3.76 billion USD.

    Historical revenues and results Wynn Resorts plus estimates 2021

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    The analysts expect for 2021 a net loss of 169 million USD. For this year the consensus of the result per share is a loss of 1.03 USD. The price-earnings-ratio equals -74.3.

    Analysts don't expect the company to pay a dividend. The average dividend yield of the restaurants & bars companies equals a low 1.49 percent.

    Wynn Resorts 's market capitalization is based on the number of outstanding shares around 8.26 billion USD. -45

    On Thursday the stock closed at 76.53 USD.

    Historical stock prices Wynn Resorts past 10 years

    stock graphs wynnresorts

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