Wynn Resorts is withdrawing its online sports betting and iGaming platform, WynnBET, from eight US states, becoming the latest company to scale back in an industry dominated by DraftKings and FanDuel.<\/p>\n
Wynn Resorts is withdrawing its online sports betting and iGaming platform, WynnBET, from eight US states, becoming the latest company to scale back in an industry dominated by DraftKings and FanDuel<\/strong>.<\/p>\n The company said it will cease operations in\u00a0Arizona,\u00a0Colorado,\u00a0Indiana,\u00a0Louisiana,\u00a0New Jersey,\u00a0Tennessee,\u00a0Virginia, and\u00a0West Virginia\u00a0as soon as possible.<\/p>\n Operations in\u00a0Nevada\u00a0and\u00a0Massachusetts\u00a0will continue unaffected while operations in\u00a0New York\u00a0and\u00a0Michigan\u00a0remain under review.<\/p>\n Wynn Resorts cited two primary reasons for this strategic shift. Firstly, the company acknowledged the substantial financial commitment required for marketing efforts aimed at acquiring sports-betting customers.<\/p>\n Secondly, the limited number of states legalising online casino games poses a challenge to achieving higher profitability.<\/p>\n Wynn Resorts\u2019 CFO Julie Cameron-Doe commented: \u201cIn 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\u00a0Wynn Resorts\u00a0shareholders.\u201d<\/p>\n \u201cWhile 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,\u201d she continued.<\/p>\n During Q2 2023, the group\u2019s online division generated a loss of $25.7m, compared to a $57.3m loss in Q2 2022.<\/p>\n Presenting the results last week, Wynn Resorts CEO Craig Billings commented: \u201cOur EBITDAR burn rate decreased both sequentially and year-over-year to $15m in Q2 2023. Our team continues to stay disciplined on costs, while driving improved marketing efficiency.\u201d<\/p>\n Meanwhile, CFO Cameron-Doe hinted: \u201cSports betting is a tough business. It\u2019s about the game of commodity, but we\u2019re very focused on managing this business. We\u2019ve got a very long-term shareholder-friendly view on it. So that\u2019s our focus.\u201d<\/p>\n Industry frontrunners DraftKings and FanDuel achieved positive EBITDA contributions in Q2. <\/p>\n Moreover, Penn Entertainment just sealed a substantial $2bn agreement with ESPN to launch ESPN Bet.<\/p>\n Moving onto different plans, as part of its strategic vision Wynn Resorts is set to commence the construction of Wynn Al Marjan Island, which CEO Billings described as a \u201cmust-see\u201d attraction.<\/p>\n Wynn Al Marjan Island is a comprehensive luxury integrated resort project located in Ras Al Khaimah.<\/p>\n It is being undertaken in collaboration with RAK Hospitality Holding LLC and Al Marjan Island LLC. Wynn Resorts maintains a 40% equity ownership in the joint venture.<\/p>\n With an estimated project cost amounting to $3.9bn, the resort is anticipated to debut in the first quarter of 2027.<\/p>\n [stock_market_widget type=\u201dinline\u201d template=\u201dgeneric\u201d assets=\u201dWYNN\u201d markup=\u201d{name} ({symbol}) is trading at {price} ({change_pct})\u201d display_currency_symbol=\u201dtrue\u201d api=\u201dyf\u201d]<\/p>\n <\/span> Wynn Resorts is withdrawing its online sports betting and iGaming platform, WynnBET, from eight US states, becoming the latest company to scale back in an industry dominated by DraftKings and FanDuel. Wynn Resorts is withdrawing its online sports betting and iGaming platform, WynnBET, from eight US states, becoming the latest company to scale back in […]<\/p>\n","protected":false},"author":1,"featured_media":432,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,2],"tags":[34,35,21,36,29,37,38],"class_list":["post-431","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-betting","category-questbeam","tag-craig-billings","tag-darftkings","tag-fanduel","tag-julie-cameron-doe","tag-us-sports-betting","tag-wynn-resorts","tag-wynnbet"],"_links":{"self":[{"href":"https:\/\/questbeam.site\/index.php?rest_route=\/wp\/v2\/posts\/431","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/questbeam.site\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/questbeam.site\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/questbeam.site\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/questbeam.site\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=431"}],"version-history":[{"count":0,"href":"https:\/\/questbeam.site\/index.php?rest_route=\/wp\/v2\/posts\/431\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/questbeam.site\/index.php?rest_route=\/wp\/v2\/media\/432"}],"wp:attachment":[{"href":"https:\/\/questbeam.site\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=431"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/questbeam.site\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=431"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/questbeam.site\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=431"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Strong competition<\/h2>\n
UAE plans<\/h2>\n
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