A look at the post-mortem coming out of Formula One (NASDAQ:FWONA) in Las Vegas is a mixed bag of calamities, conquests, and craziness of the kind that only Las Vegas can truly produce. Formula One stock, meanwhile, is down slightly following the big event, which went about as well as the Rainbow Tour from “Evita.”
The latest reports from bookmakers called Formula One in Vegas a pure and beautiful win. BetMGM (NYSE:MGM) noted that it was the single most bet on Formula One event that it had ever seen. In fact, it took in three times the bets than any other auto racing contest. If that includes NASCAR, then it was quite a heavily trafficked race indeed. But it didn’t stop there; Westgate Superbook and Caesars (NASDAQ:CZR) Sportsbook also declared victory, with Caesars noting it was “…three times Daytona’s numbers,” which suggests that, indeed, NASCAR is considered here.
Not Everything was a Win, However
While sportsbooks were overjoyed by Formula One in Vegas, hotels and ride-sharing companies found their operations horribly tangled by traffic issues. With an array of protective barriers in place, gamblers found access to the Strip unusually difficult, which likely cost those properties some spillover business. The roads didn’t take kindly to Formula One traffic either, especially after driver Carlos Sainz hit a water valve cover in just nine minutes of opening night’s practice session. A class-action suit from ticket holders who were kicked out for street repairs followed. And, in perhaps the strangest event of the series, Paris Hilton showed up for a party at the Virgin Hotel Las Vegas…only to discover it was virtually empty.
What is the Price Target for FWONA?
Turning to Wall Street, analysts have a Strong Buy consensus rating on FWONA stock based on three Buys and one Hold assigned in the past three months, as indicated by the graphic below. After a 15% rally in its share price over the past year, the average FWONA price target of $75.75 per share implies 29.35% upside potential.
