Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
U.S.-based casino operator Wynn Resorts, Limited (NASDAQ:WYNN) called off merger talks with Australia's CROWN RESORTS L/ADR (OTC:CWLDY), but one expert says talks will resume with a finalized agreement.
What Happened
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
Wynn's decision to walk away from merger talks is a "tactical play," Adam Dawes of Shaw and Partners told CNBC Wednesday.
Investors are likely assuming talks will resume, as Crown Resorts' stock rebounded from its Tuesday lows and remains above where it was trading at prior to media reports of the talks,
"The market today is definitely looking at this as a bit of a ploy and [Wynn] will perhaps put the deal back on the table once the dust has settled," he said.
Wynn is likely looking at gaining new exposure to Australia as a defensive move, he said. Estimates from Morgan Stanley place the gambling spend per head at around $1,000 in Australia versus around $430 in the U.S.
FREE REPORT: How To Learn Options Trading Fast
In this special report, you will learn the four best strategies for trading options, how to stay safe as a complete beginner, a 411% trade case study, PLUS how to access two new potential winning options trades starting today.Claim Your Free Report Here.
Crown Resorts boasts "very good assets" in contrast to Wynn's profile as being a "builder of assets" instead of a buyer, Dawes said. Nevertheless, an acquisition of Crown Resorts represents a good fit for Wynn if the details are properly worked out, he said.
Fitch Ratings' Mansfield: Good Fit
A potential acquisition of Crown Resorts by Wynn would be a positive for the American casino company, Fitch Ratings director Colin Mansfield separately told CNBC Wednesday. Most importantly, Wynn would gain new exposure to a market in which it does not operate — and take on Crown's 46-percent Australian market share.
Crown Resorts' portfolio of assets are also "high quality," which would fit in well with Wynn's existing portfolio, Mansfield said.
Related Links:
Analysts Question The Accuracy Of Weekly Macau Estimates
Casino Analyst Bullish On Vegas, But Not Macau
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.