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Wynn Resorts (WYNN) Announces Partnership With New York Jets

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Wynn Resorts, Limited’s (WYNN - Free Report) WynnBET recently announced a collaboration with the American football team — New York Jets — becoming its sports betting partner.

The multi-year agreement includes the entitlement of WynnBET Green Room (at MetLife Stadium) for Jets gamedays. With a coverage of approximately 4,800 square feet, the ticketed and all-inclusive food and beverage hospitality space will offer Jets fans access to live WynnBET betting content such as point spreads, game totals and in-play wagering.

Moreover, the association involves WynnBET as the presenting partner of the team's flagship podcast network, including "The Official Jets Podcast" and "Jets Game Preview". The series focuses on the news and notes revolving around the team as well as analyzing the upcoming Jets game as well. Additionally, WynnBET will be presenting Jets SportsNet NY Pre and Post Game Live shows, featuring NFL insiders and Jets Legends.

Sports Betting to Drive Growth

Wynn Resorts is committed toward sport-betting expansion in order to boost growth. During the second quarter of 2021, the company made solid progress with reference to its online sports betting app — WynnBET. The company launched its web applications in Indiana, Colorado, Tennessee, New Jersey and Virginia. Also, it has strengthened third-party partnerships through agreements with the Detroit Lions, the Colorado Rockies and Cumulus Media.  The company collaborated with several engaging content creators to develop a sports-themed program. It has also secured market access in Arizona, Colorado, Indiana, Michigan, New Jersey, Tennessee and Virginia. With several pending license applications in process, WynnBET is poised for rapid expansion in 2021. Going forward, the company anticipates solid revenue generation on the back of new product features and unique marketing campaigns.

Price Performance

Zacks Investment Research
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Shares of Wynn Resorts have fallen 18.2% so far this year against the industry’s 0.5% growth. The dismal performance was primarily caused by the coronavirus pandemic. During the second quarter, the company’s operations were negatively impacted by the outbreak in Guangdong. Although the virus was stamped out within a couple of weeks, volumes were greatly suppressed during the period. Moreover, traffic was down in August due to the coronavirus-related alert. The spread of the Delta variant is another concern. Although visitation is likely to improve in the coming months, it is expected to take time to attain the pre-pandemic levels. Considering the uncertainties related to the crisis, the company expects the pandemic to continue affecting its operations for some time. Earnings estimates for 2021 have remained unchanged in the past 30 days, limiting the upside potential of the stock.

Zacks Rank & Key Picks

Wynn Resorts currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Some better-ranked stocks in the same space include Boyd Gaming Corporation (BYD - Free Report) , Golden Entertainment, Inc. (GDEN - Free Report) and Monarch Casino & Resort, Inc. (MCRI - Free Report) . Boyd Gaming and Golden Entertainment sport a Zacks Rank #1, while Monarch Casino carries a Zacks Rank #2 (Buy).

Boyd Gaming has a three-five year earnings per share growth rate of 40.8%.

Golden Entertainment’s 2021 earnings are expected to surge 226.4%.

Monarch Casino has a trailing four-quarter earnings surprise of 53.3%, on average.

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