Wynn Resorts Limited announced its decision to close its online sports betting and iGaming platform, WynnBET, in certain jurisdictions.
“In light of the continued requirement for outsized marketing spend through user acquisition and promotions in online sports betting, we believe there are higher and better uses of capital deployment for Wynn Resorts shareholders,” Julie Cameron-Doe, Chief Financial Officer of Wynn Resorts, said.
“While we believe in the long-term prospects of iGaming, the dearth of iGaming legislation and the presence of numerous other investment opportunities available to us around the globe have led us to the decision to curtail our capital investment in WynnBET to focus primarily on those states where we maintain a physical presence,” she continued.
Working with its regulators and patrons, the Company will seek to cease operations in Arizona, Colorado, Indiana, Louisiana, New Jersey, Tennessee, Virginia, and West Virginia as soon as possible. Operations in Nevada and Massachusetts will continue unaffected and operations in New York and Michigan remain under review.
