Welcome to the latest edition of "Bet On It," where The Fly looks at news and activity in the sports betting and iGaming space.

SECTOR NEWS: Foxwoods Resort Casino and DraftKings (DKNG) announced that the new DraftKings Sportsbook at Foxwoods will open on Saturday, November 13. The new space will replace the temporary location that premiered in September. This opening comes after the launch of online sports betting and iGaming in Connecticut, the company noted. Additionally, on Monday, Golden Nugget Casino Lake Charles in Louisiana and DraftKings jointly announced the launch of a new retail sportsbook that opened on Wednesday.

Wynn Resorts (WYNN) and Austerlitz Acquisition Corporation I (AUS) announced that the companies have mutually agreed to terminate their previously announced agreement and plan of merger, which contemplated the combination of Austerlitz I and Wynn Interactive, a subsidiary of Wynn Resorts. The termination is effective immediately. This came after the company announced on Tuesday that Matt Maddox, CEO, will be leaving the company January 31, 2022. Following a unanimous request by the board of directors, Maddox agreed to remain on the Wynn Macau Limited and Wynn Interactive Limited boards through the end of 2022. Craig Billings, CEO of Wynn Interactive and who has served as president and CFO of Wynn Resorts, was unanimously selected by the board to become CEO of Wynn Resorts and a member of the Board effective February 1, 2022. This led to speculation that the company could be bought for the right price. Andrew Left's Citron Research said via Twitter, "The $WYNN CEO transition is the ultimate 'tell' (from superstar to banker) that THE crown jewel of Vegas might finally be up for sale. Recent comps of Cosmo and Aria- $WYNN could be $165. Trophy Asset could be higher. PE firms have been swarming the Sin City." Shares were up 2% following the tweet. 

Shares of Penn National (PENN) were higher in afternoon trading on Thursday after Barstool founder Dave Portnoy tweeted about how he was going to "expose" Business Insider's "hit piece" along with a link to a broadcast he was hosting. Previously, on November 4, shares of Penn National Gaming fell after Business Insider reported on sexual assault allegations against Portnoy. On Friday, Deutsche Bank analyst Carlo Santarelli upgraded Penn National to Hold from Sell with an unchanged price target of $31. The analyst cited valuation for the upgrade. When downgrading the shares to Sell in June of 2020, Santarelli viewed the company's valuation as "stretched." Since that time, Penn National has "massively underperformed" its regional gaming peers, Santarelli told investors in a research note. 

Madison Square Garden Sports (MSGS) and Madison Square Garden Entertainment (MSGE) announced a multi-year marketing partnership with BetMGM (MGM), naming the sports betting and gaming entertainment company an Official Sports Betting Partner of the New York Knicks, New York Rangers and Madison Square Garden Arena. As part of the marketing partnership, BetMGM will receive brand integration inside The Garden including courtside and ribbon LED signage, GardenVision features and basket stanchion signage at Knicks games, along with dasherboard signage and Zamboni branding at Rangers games. Additionally, BetMGM will be included in content across official Knicks and Rangers digital channels on Twitter, Instagram and Facebook, and BetMGM customers will receive opportunities to participate in experiences at Knicks and Rangers games. 

Caesars Sportsbook announced the signing of the Mannings in what it called "a first-of-its-kind partnership between a sports betting company and an iconic sports family." Part of Caesars Entertainment (CZR), Caesars Sportsbook welcomes Archie, Peyton, Eli, and Cooper Manning to join the empire as Caesars Sportsbook expands across the country. On Friday, B. Riley analyst David Bain initiated coverage of Caesars Entertainment with a Buy rating and $191 price target. The analyst's base-case valuation combines $143 per share for the company's Las Vegas and regional brick-and-mortar casino businesses, $41 per share for the digital casino business, and $7 per share for its managed casino business. Further, after elimination of double-counting from divestments used for debt repayment, he estimates $35 of probable, additional per share value creation catalysts not included in the price target. Bain calls Caesars a "mispriced empire."

NY LICENSEES AND WHAT'S NEXT: In New York, the first nine operators were awarded licenses for mobile sports betting. The list is as follows: 

• FanDuel Sportsbook (PDYPY)
• Bally Bet (BALY)
• BetMGM
• DraftKings
• Rush Street Interactive (RSI)
• Caesars Sportsbook 
• Wynn Interactive
• PointsBet (PBTHF)
• Resorts World

Wile the necessary first step was made, it could still be a few months before gaming platforms are operational. Officials want to workout glitches and be sure the sites appealing enough that New Yorkers used to traveling to other states will not want to make the trip, CBS2’s Marcia Kramer reported. “We have to have a premier product from Day 1. Otherwise, the savvy New York bettor will go right back in a millisecond, to go back to New Jersey or doing it illegally or Pennsylvania or what have you,” state Sen. Joseph Addabbo Jr., chairman of the Senate’s Racing and Wagering Committee told CBS2. By Addabbo Jr.'s approximation, the NFL playoffs in January is a good target for the first bet placed in the Empire State and then expectations are mobile sportsbooks will be running efficiently by the Super Bowl. The state is expected to pull in approximately $500M annually from mobile and online sports betting. 

MINNESOTA LEGISLATORS TO PRIORITIZE SPORTS GAMBLING: While a bill is yet to be drafted, Representative Zack Stephenson made it be known that he will lead an effort to legalize Minnesota sports betting during the 2022 legislative session, according to Pat Evans of Legal Sports Report.  Stephenson, chair of the House Commerce Committee, said he would first want to brainstorm with other proponents before drafting a bill. "It’s a good time to start a public conversation,” Stephenson told LSR about a bill’s chances. “There are legislators of both parties in both chambers who support this. We’re seeing more openness from key stakeholders in our community, teams and other groups; more openness from the independent tribal nations, which is really important. I’ve been talking to them for months and there is a lot more conversations to be had with the tribes. But I do [think it has a good chance.] I wouldn’t be taking this on if I didn’t." Minnesota Indian Gaming Association will be included in that discussion with 11 tribes operating 19 casinos in the state. MIGA reportedly appears ready to cooperate on shaping the next iteration of gaming in The North Star State. “The tribal governments making up MIGA have been examining the various ways sports betting has been implemented across the country and its impacts on tribal communities,” MIGA Executive Director Andy Platto said in a statement. “As gaming experts, tribes stand ready to share this expertise with lawmakers considering the future of sports betting in Minnesota.”

EARNINGS RECAP: Along with announcing the eventual departure of its CEO, Wynn Resorts beat analyst expectations in its Q3 earnings report. Operating revenues from Las Vegas operations were $476.0M, an increase of $289.3M from $186.7M Q3 of 2020. Table games win percentage for Q3 was 21.7%, below the property's expected range of 22% to 26% and above the 20.2% experienced in Q3 of 2020.  "We were pleased to deliver record Adjusted Property EBITDA at both Wynn Las Vegas and Encore Boston Harbor during the third quarter," said Matt Maddox, CEO of Wynn Resorts. "With our recent investments in innovative food and beverage offerings, a new convention facility in Las Vegas and a revamped casino loyalty program, the best days are ahead for our business in North America. And while there have been some fits and starts along the road to recovery in Macau, we are confident that Macau will benefit from the return of consumer demand as we progress through 2022." Wells Fargo analyst Daniel Politzer lowered the firm's price target on Wynn Resorts to $101 from $112 and kept an Equal Weight rating on the shares following quarterly results. The analyst noted Wynn had an eventful Q3 report that reflected upside in Las Vegas and Boston that more than offset a greater-than-forecast loss in Corporate and an inconsequential miss in Macau.

Scientific Games (SGMS) also reported Q3 earnings this week, with mixed results. Continuing operations EPS came in well ahead of consensus, while revenue in Q3 fell over $200M short of expectations. Gaming revenue increased to $339, up 47%. iGaming revenue increased 6% and AEBITDA grew 13% as well.. The company noted that since the third quarter of 2019, wagers processed through its iGaming platform have increased from $9B to $16.9B. Connie James, executive VP and CFO of Scientific Games, added, "We have an exciting path ahead of us as we move rapidly to unlock significant value. With the announced sale of Lottery and Sports Betting businesses as well as organic investments and key acquisitions like Authentic, Lightning Box and Koukoi, you are quickly getting to see the shape as well as the pace and agility of our new organization. The divestitures put us on a clearly defined path to materially de-lever while providing us with the ability to invest. Our momentum continued this quarter with strong top and bottom line growth and with strong quarterly cash flow as the teams continued to be laser-focused on productivity. We are seeing our company come together and coalesce around a high-performance culture that embraces our bright future as we pursue our new vision and I can't thank our employees enough for their dedication and enthusiasm."  

PUBLICLY TRADED COMPANIES IN THE SPACE INCLUDE: Accel Entertainment (ACEL), Bally's (BALY), Boyd Gaming (BYD), Caesars (CZR), Churchill Downs (CHDN), DraftKings (DKNG), Flutter Entertainment (PDYPY), Gan Limited (GAN), Genius Sports (GENI), Las Vegas Sands (LVS), MGM Resorts (MGM), Penn National (PENN), Rush Street Interactive (RSI), Scientific Games (SGMS), Score Media (SCR) and Wynn Resorts (WYNN).