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Why we think the drop in this casino stock is a buying opportunity

A worker cleans an escalator on Las Vegas Boulevard in Las Vegas, Nevada, U.S., on Tuesday, March 17, 2020.
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Wynn Resorts is trading lower after the company announced the SPAC deal that would have taken Wynn Interactive public has been terminated.

The merger was announced in May and would have valued Wynn's online gaming division at $3.2 billion. The business combination would have provided Wynn Resorts with $640 million in cash to be used on company operations and support new growth initiatives at Wynn Interactive. 

The decision to nix the deal looks to be related to the change in strategic direction management outlined this past week on the third-quarter earnings call.