{"id":2351,"date":"2021-11-15T11:26:26","date_gmt":"2021-11-15T19:26:26","guid":{"rendered":"https:\/\/wagers.com\/staging\/4285\/?p=2351"},"modified":"2021-11-29T11:28:49","modified_gmt":"2021-11-29T19:28:49","slug":"wynn-interactive-analyst-reaction","status":"publish","type":"post","link":"https:\/\/wagers.com\/staging\/4285\/news\/wynn-interactive-analyst-reaction\/","title":{"rendered":"Wynn Interactive analyst reaction"},"content":{"rendered":"<p><strong>Non-stick SPAC:<\/strong> The news that Wynn Resorts and the Austerlitz SPAC vehicle had mutually agreed to terminate their merger didn\u2019t come as too much of a shock for the analysts following the comments earlier in the week from <a href=\"https:\/\/wagersearningsmore.substack.com\/p\/10-nov-wynn-beats-online-retreat\" rel=\"\">Wynn\u2019s results call<\/a>. The deal announced in May <a href=\"https:\/\/wagersearningsmore.substack.com\/p\/wynn-fires-cannon-on-online-austerlitz\" rel=\"\">would have valued Wynn Interactive<\/a> at $3.2bn but Wynn appeared to pull the rug under its own plans by suggesting, in the words of departing CEO Matt Maddox, that the current economics of online sports-betting didn\u2019t stack up at present.<\/p>\n<p><strong>Reading the runes: <\/strong>As Deutsche Bank suggested, while \u201csomewhat surprising\u201d the news will not have been completely out of the blue for anyone reading the tea leaves, particularly with the announcement that interactive CEO Craig Billings was taking over as Wynn Resorts CEO from Matt Maddox. Billings was keen to reiterate Wynn\u2019s continued commitment to WynnBet, but he said on Friday that it was now pivoting to a \u201cmore targeted ROI-focused strategy\u201d which would be \u201cless capital intensive\u201d as of Q122. \u201cWynnBet\u2019s best days lie ahead of us,\u201d he said. But the analysts at Jefferies were not so sure.<\/p>\n<blockquote><p><em>\u201cThe growth strategy for Wynn Interactive remains less defined than some of its peers,\u201d the Jefferies team added.<\/em><\/p><\/blockquote>\n<p><strong>Corporate Yoga:<\/strong> Returning from a recent Las Vegas visit, the Wells Fargo team suggested there was some empathy among rival management teams for the \u201cdifficult position\u201d Wynn finds itself in. Views are now split, with some thinking this is a \u201cnatural step in the evolution of the industry where the big get bigger and smaller operators have a tougher path to profitability\/scale.\u201d<\/p>\n<h3>Available today on Earnings + More:<\/h3>\n<ul>\n<li><a href=\"https:\/\/wagersearningsmore.substack.com\/p\/15-nov-spac-off-wynn-seeks-online\" target=\"_blank\" rel=\"noopener\">Disney earnings call sports-betting comments<\/a><\/li>\n<li><a href=\"https:\/\/wagersearningsmore.substack.com\/p\/15-nov-spac-off-wynn-seeks-online\" target=\"_blank\" rel=\"noopener\">Wells Fargo Las Vegas visit<\/a><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Non-stick SPAC: The news that Wynn Resorts and the Austerlitz SPAC vehicle had mutually agreed to terminate their merger didn\u2019t come as too much of a shock for the analysts following the comments earlier in the week from Wynn\u2019s results call. The deal announced in May would have valued Wynn Interactive at $3.2bn but Wynn [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[337,324],"tags":[796,784,797,18],"class_list":["post-2351","post","type-post","status-publish","format-standard","hentry","category-analyst-notes","category-news","tag-austerlitz-spac","tag-disney","tag-wells-fargo","tag-wynn-resorts"],"_links":{"self":[{"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/posts\/2351","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/comments?post=2351"}],"version-history":[{"count":1,"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/posts\/2351\/revisions"}],"predecessor-version":[{"id":2353,"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/posts\/2351\/revisions\/2353"}],"wp:attachment":[{"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/media?parent=2351"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/categories?post=2351"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/tags?post=2351"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}