Gambling ETF Hits the Jackpot with Wynn Resorts
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Gambling industry-related exchange traded funds were in the black Friday after Wynn Resorts (NasdaqGS: WYNN) hit the jackpot on growing bets that the vaccine rollout will help brings things back to normal.
Among the best performing non-leveraged ETFs of Friday, the VanEck Vectors Gaming ETF (NasdaqGM: BJK) increased 3.7%.
Meanwhile, Wynn Resorts shares jumped 7.7% on Friday. WYNN makes up 3.0% of BJK’s underlying holdings.
“We are encouraged by the progress we have made at each of our properties over the past several months, as we continue along the road to recovery from the pandemic,” Matt Maddox, CEO of Wynn Resorts, Limited, said in a press release. “In Macau, the gradual and thoughtful easing of visitation restrictions allowed us to return to Adjusted Property EBITDA profitability in the fourth quarter, with particular strength in our premium mass business. In the US, our operations at both Wynn Las Vegas and Encore Boston Harbor were resilient as we continue to deliver our industry-leading service, while remaining focused on costs.”
Wynn Resorts has also been developing its online casino and sports betting operations, which have resonated with those whom have been stuck at home.
“On the development front, our WynnBet online casino and sports betting app is currently available in three states following successful launches in Colorado and Michigan, with additional launches planned over the coming months. We believe our product will be increasingly compelling with each release over the coming months and look forward to growing the business in 2021,” Maddox added.
Online sports betting has been a growing segment as more states ease restrictions with betting online.
Among the standouts on Friday, Penn National Gaming (PENN) was upbeat about its Barstool Sports partnership. The announcement comes ahead of what’s expected to be the biggest sports betting event ever, Super Bowl LV this weekend, when gamblers are expected to wager an estimated $500 million, Investor’s Business Daily reports.
Penn National Gaming shares were up 8.4% on Friday. PENN makes up 4.4% of BJK and 4.4% of the Roundhill Sports Betting & iGaming ETF (BETZ), which also advanced 3.4%.
