Company Of The Day: Wynn Resorts

+2.34%
Upside
102
Market
105
Trefis
WYNN: Wynn Resorts logo
WYNN
Wynn Resorts

What?

Wynn Resorts (NYSE:WYNN) plans to spin off its interactive gaming business by merging it with Austerlitz Acquisition Corp I, a special purpose acquisition company (SPAC). Wynn will retain a 58% stake in the company and hold about 70% of the voting rights.

Why?

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Wynn and other casino operators have been expanding their presence in the sports betting and iGaming space through Covid-19 and the move is likely to allow the company to unlock value from the business.

So What?

Wynn sees online gambling as a significant growth area, noting that it could grow into a $45 billion market by 2030. This translates into a compounded annual growth rate of about 32%.

See Our Complete Analysis For Wynn

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