Wynn Resorts Results Miss in Q1; Plans to Spin Off Online Gaming Business By Investing.com

By Yasin Ebraim

Wynn Resorts (NASDAQ:WYNN) reported Monday first-quarter results that missed analysts’ forecasts, and unveiled plans to separate its online gaming business into an independent company.

Wynn Resorts shares gained 3% in after-hours trade following the report.

Wynn Interactive will become an independent company through a combination with Austerlitz Acquisition Corporation, Wynn said. Under the terms of the deal, Wynn Interactive shareholders will retain about 79% of the combined entity.

“We are proud to join forces with Bill Foley as we continue to aggressively scale in online sports betting and iGaming. With WynnBET now live in six states, we will be launching enhanced product features and expanding our market position in 2021,” the company said.

Wynn Resorts announced a loss per share of $2.41 on revenue of $725.8 million. Analysts polled by Investing.com anticipated a per-share loss of $2.02 on revenue of $759 million.

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