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WYNN RESORTS, LIMITED

(WYNN)
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Real-time Estimate Cboe BZX  -  03:46:23 2023-03-24 pm EDT
106.35 USD   +0.14%
03/20Insider Sell: Wynn Resorts
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03/10Wynn Resorts' WynnBET Launches Online Sportsbook in Massachusetts
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03/07Wynn Resorts Ltd : Entry into a Material Definitive Agreement, Regulation FD Disclosure, Financial Statements and Exhibits (form 8-K)
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Wynn Resorts and Bill Foley-backed SPAC terminate $3.2 billion deal

11/12/2021 | 10:46am EDT
Logos are displayed at Wynn Macau resort in Macau

(Reuters) - Wynn Resorts Ltd and billionaire investor Bill Foley-backed blank-check firm on Friday called off their $3.2 billion deal to take the casino operator's online betting subsidiary public.

The termination follows similar collapses in the special purpose acquisition company (SPAC) space. Earlier this week, NFL veterans Eli and Peyton Manning-backed online grill retailer BBQ Holding also called off its planned SPAC merger.

With tightening accounting guidance and closer scrutiny from the U.S. Securities and Exchange Commission, dealmaking in the SPAC market has slowed down from last year.

Other proposed deals, including those of sports card firm Topps and the high-profile deal between SPAC magnate Bill Ackman and Universal Music Group, have also failed.

Wynn and the blank-check company Austerlitz Acquisition Corporation I did not give a reason for calling off the planned deal.

Craig Billings, chief executive officer of Wynn Interactive, the subsidiary of Wynn Resorts, said the company expects its requirement of heavy investments to decline meaningfully beginning in the first quarter of next year.

Austerlitz went public in February, raising $690 million. SPACs typically have two years to hunt for a company to merge with.

The SPAC's shares were down 1.2%, and Wynn Resorts' shares were down 0.4% in early trading.

(Reporting by Niket Nishant in Bengaluru; Editing by Shinjini Ganguli)


ę Reuters 2021
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All news about WYNN RESORTS, LIMITED
03/20Insider Sell: Wynn Resorts
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03/10Wynn Resorts' WynnBET Launches Online Sportsbook in Massachusetts
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03/07Wynn Resorts Ltd : Entry into a Material Definitive Agreement, Regulation FD Disclosure, F..
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03/02Wynn Macau Seeks to Raise US$600 Million Via Convertible Bonds
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03/02Wynn Resorts' Macau Unit Sees YoY Rise in Revenue for Two-Month Period Ended February A..
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03/02Wynn Resorts Ltd : Regulation FD Disclosure, Financial Statements and Exhibits (form 8-K)
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02/27WYNN RESORTS LTD Management's Discussion and Analysis of Financial Condition and Resul..
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02/16Wynn Resorts Ltd : Entry into a Material Definitive Agreement, Other Events, Financial Sta..
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02/16Wynn Resorts Announces Initial Settlement of Tender Offer for Cash by Wynn Resorts Fina..
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02/15Wynn Resorts Receives 24 Five-Star Awards from Forbes Travel Guide on 2023 List
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Analyst Recommendations on WYNN RESORTS, LIMITED
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Financials (USD)
Sales 2023 5 681 M - -
Net income 2023 69,6 M - -
Net Debt 2023 8 051 M - -
P/E ratio 2023 142x
Yield 2023 -
Capitalization 12 073 M 12 073 M -
EV / Sales 2023 3,54x
EV / Sales 2024 2,92x
Nbr of Employees 27 000
Free-Float 72,5%
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Mean consensus OUTPERFORM
Number of Analysts 16
Last Close Price 106,20 $
Average target price 119,00 $
Spread / Average Target 12,1%
EPS Revisions
Managers and Directors
Craig S. Billings Chief Executive Officer & Director
Julie Cameron-Doe Chief Financial Officer
Philip Glen Satre Non-Executive Chairman
Patricia Mulroy Independent Director
Clark T. Randt Independent Director
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