Markets are up and down, here's what you can do next
Tensions are high, markets are up and down, here's what you can do next

Wynn Resorts Launches Mobile Sportsbook in New York

Luxury hospitality company and casinos operator Wynn Resorts, Limited (NASDAQ: WYNN) recently revealed that its online sports betting platform has been made live in the state of New York. Users can download the app from Google’s Play Store and Apple’s App Store.

Following the news, shares of the company rose 1.5% on Friday. The stock pared its gains slightly to close at $85.40 in the extended trading session.

Details of the Launch

The users will get immediate access to Wynn Rewards that can be used at Wynn Resorts’ properties. Further, the existing Wynn Rewards members will be able to connect their accounts to WynnBET upon completing registration.

Moreover, users from New York will get the additional benefit of a new player offer, Bet $10 Win $200. If a player completes registration, makes at least a $10 deposit, and places a $10 first-time straight bet or parlay wager, he/she will receive $200 in free bets.

Management Commentary

The President of Wynn Interactive, Ian Williams, said, “WynnBET beginning operations in New York is a monumental step in the growth of our company. New York represents a significant population of our Wynn Rewards membership, and we are confident in our ability to compete in this market by providing the first-class service and gaming experiences synonymous with the Wynn Resorts brand.”

Stock Rating

Recently, Macquarie analyst Chad Beynon reiterated a Hold rating on the stock. The analyst, however, raised the price target from $91 to $96, which implies 12.3% upside potential from current levels.

Consensus among analysts is a Moderate Buy based on 4 Buys and 7 Holds. The average Wynn Resorts stock prediction of $107.95 implies upside potential of 26.3% from current levels. Shares have declined 27.3% over the past year.

Website Traffic

TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings (SEMR), the world’s biggest website usage monitoring service, offers insight into Wynn Resorts’ performance this quarter.

According to the tool, Wynn Resorts’ website recorded a 10.20% monthly fall in global visits in December, compared to the same period last year. However, year-to-date, the website traffic has increased 10.68%, compared to the previous year.

Download the TipRanks mobile app now

To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.

Read full Disclaimer & Disclosure

Related News:
Activision Blizzard Reports Dissapointing Q4 Results
Snap Delivers Stellar Q4 Results; Shares Skyrocket 59% After Hours
GameStop Partners with Immutable X For NFT Marketplace