WynnBET to continue in Nevada, cease operations in 8 states
Wynn Resorts will continue to operate WynnBET in Nevada after announcing Friday it will shutter its online sports betting and iGaming platform in eight states.
The company said it will stop operating in Arizona, Colorado, Indiana, Louisiana, New Jersey, Tennessee, Virginia, and West Virginia, while reviewing whether to continue in New York and Michigan.
Massachusetts joins Nevada as the only two states where WynnBET will continue unaffected. WynnBET customers in Nevada use a separate mobile app called Wynn Sports Nevada that features different lines and odds from the main WynnBET platform.
“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 in a statement.
“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.”
Wynn Resorts reported interactive revenues of $25.9 million and an EBITDA loss of $15 million during its second-quarter earnings call Wednesday.
Contact David Schoen at dschoen@reviewjournal.com or 702-387-5203. Follow @DavidSchoenLVRJ on Twitter.
