Wynn Resorts' (WYNN) WynnBET Partners With Detroit Pistons

Zacks Equity Research
·3 min read

Wynn Resorts, Limited WYNN increased its focus on securing marketing collaborations with several high-profile sports franchises. Recently, Wynn Resorts’ WynnBET announced partnership with Detroit Pistons.

Per the agreement, the company intends to provide multiple new co-branded marketing efforts, thereby allowing fans to interact with their favorite team, online and offline. To support this initiative, the company also launched a direct-to-consumer promotion — Wynn Wednesdays. Notably, this facilitates rotating opportunities for fans to enter every Wednesday (during the Pistons regular season) and win prizes such as team and player memorabilia, tickets and VIP experiences.

Coming to offline, WynnBET intends to roll out in-person activations backed by Wynn Resorts expertise in catering to VIP clientele. This along with sponsorship and advertising tools across Pistons game day radio programs, mobile app, social channels and in-arena are likely to be made available.

Increased Focus on Partnerships

Wynn Resorts’ WynnBET is constantly trying to focus on partnership to solidify its position in the industry. Apart from Pistons, WynnBET is investing in the Tennessee sports community through Memphis Grizzlies partnership. Moreover, WynnBET has been named an authorized gaming operator of NASCAR as well as the official online sportsbook of the Martinsville Speedway and Richmond Raceway. However, it is pending licensure in Virginia.

WynnBET is currently accessible in New Jersey, Colorado and Michigan. It also plans to expand in Indiana, Iowa, Massachusetts, Nevada and Ohio, subject to regulatory approvals.

Going forward, the company intends to ramp up the process by simultaneously scaling operations, improving its brand positioning, making product improvements and launching in other new states.

Price Performance

Shares of Wynn Resorts have gained 51.6% in the past six months compared with the industry’s 47.5% growth. Notably, the company is benefitting from improved non-gaming revenues and expansion in domestic markets. Despite the coronavirus pandemic, the company is confident about prospects in Macau. It also has enough liquidity to tide over the current scenario.

However, coronavirus-related woes persist. During the fourth quarter, the company’s operations suffered owing to pandemic-led restrictions in Nevada, California and New York. Although casinos in Macau properties are now open, the company is witnessing low visitation. Meanwhile, earnings estimates for 2021 have declined in the past 30 days, depicting analysts’ concern regarding the stock’s growth potential.

Zacks Rank & Key Picks

Wynn Resorts currently carries a Zacks Rank #4 (Sell).

Some better-ranked stocks in the same space include Corsair Gaming, Inc. CRSR, Full House Resorts, Inc. FLL and Golden Entertainment, Inc. GDEN, each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Corsair Gaming has a trailing four-quarter earnings surprise of 52.8%, on average.

2021 earnings for Full House Resorts and Golden Entertainment are expected to surge 1,350% and 93.9%, respectively.

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