Market News

Wynn Resorts Reveal Big Game Promotion; Shares Pop 3.5%

Luxury hotels and casinos operator Wynn Resorts, Limited (NASDAQ: WYNN) recently revealed that the company’s online sports betting and casino app WynnBET, has launched its ‘Big Game Promotion’ powered by WynnBET’s Build Your Own Bet functionality.

Following the news, shares of the company gained 3.5% to close at $88.88 during Thursday’s trading session.

Strategic Impact

Through this promotion, any user that places a minimum $20 wager through WynnBET’s Build Your Own Bet feature will become eligible for the offer, with no limit to the number of entries a player can receive.

Grand prize winners will get an opportunity to visit Shaq’s Fun House in Los Angeles and two complimentary nights at Wynn Las Vegas, among other prizes.

Additionally, WynnBET will also provide a $100 free bet credit to 56 patrons as a tertiary prize. These winners will have the free bet applied automatically to their account.

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Analyst Ratings

Recently, Goldman Sachs analyst Stephen Grambling reiterated a Hold rating on the stock with a price target of $91, which implies upside potential of 2.4% from current levels.

The Wall Street community is cautiously optimistic about the stock with a Moderate Buy consensus rating based on 5 Buys and 5 Holds. The average Wynn Resorts stock prediction of $108.50 implies the stock has upside potential of 22.1% from current levels. However, shares have declined about 23% over the past year.

TipRanks 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, the Wynn Resorts website recorded a 32.43% monthly fall in global visits in November, compared to the same period last year. However, year-to-date, website traffic rose 12.70%, compared to the previous year.

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