Published on December 22, 2023, the billionaire Tilman Fertitta, known for his control of the growing Golden Nugget casino empire, expressed his positive outlook on two other gaming equities as 2024 approaches. In an interview with CNBC’s Brian Sullivan, Fertitta asserted his bullish stance on the shares of DraftKings (NASDAQ: DKNG) and Wynn Resorts (NASDAQ: WYNN), both of which he holds substantial investments in.
Fertitta, who is one of the largest individual investors in both companies, cited Wynn Resorts as the premier gaming company in the United States, particularly in Las Vegas. His optimism is supported by his sizable stake in Wynn, acquired in October 2022, which has seen modest unrealized profits. Despite the lingering price action of Wynn shares, Fertitta remains confident in the company’s potential for a significant move in the near future.
Additionally, Fertitta’s positive outlook extends to DraftKings, of which he holds the largest individual shareholder position. DraftKings acquired Fertitta’s Golden Nugget Online Gaming (GNOG) in a $1.56 billion all-stock deal in May 2022, solidifying DraftKings’ position in the domestic iGaming industry. Despite new competition in the sports betting industry, Fertitta believes that only a few companies will dominate the market, especially as more states legalize sports betting, leading to significant revenue growth for these companies.
Overall, Fertitta’s constructive stance on DraftKings and Wynn Resorts reflects his belief in the long-term potential of these gaming equities, driven by their strong market positions and growth prospects in the evolving gambling landscape.