Wynn Resorts blames a dearth of igaming legislation and marketing costs for a major reduction in its online brand WynnBet’s US footprint.
Wynn will cease operations in Arizona, Colorado, Indiana, Louisiana, New Jersey, Tennessee, Virginia and West Virgina as soon as possible.
Operations in New York and Michigan remain under review. Only Nevada and Massachusetts operations are guaranteed to continue – states where it operates land-based properties.
“Better uses of capital deployment”
There are better uses of capital deployment for Wynn shareholders than the high levels of marketing spend required for online sports betting, chief financial officer Julie Cameron-Doe explained.
“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..