WynnBET ceases online gambling operations in certain jurisdictions.
Wynn Resorts’ Chief Financial Officer, Julie Cameron-Doe, has announced a change in the company’s financial strategy. Cameron-Doe explained that the decision to shift capital away from WynnBET, the online sports betting platform, was motivated by the need for substantial marketing investments and the potential for more advantageous opportunities for shareholders. As a result, Wynn Resorts will be focusing primarily on states where they have physical operations, concluding operations in several states while continuing uninterrupted in Nevada and Massachusetts. There are ongoing deliberations for operations in New York and Michigan.
WynnBET customers in the states facing closure will still have access to their accounts until October 11, but the sportsbook will no longer be accepting bets. Users are advised to make necessary withdrawals before the deadline, with Wynn offering to send a cheque for any remaining balances if users are unable to withdraw in time.
Wynn Resorts, listed on the Nasdaq Global Select Market and the S&P 500 Index, owns and operates premium integrated casino resorts, including Wynn Las Vegas, Encore Boston Harbor, Wynn Macau, and Wynn Palace, Cotai.
WynnBET, launched in 2020 as an iGaming and sports betting platform through a partnership between Wynn and BetBull, had seen successful expansion in Michigan, New Jersey, and Colorado.
Wynn Resorts’ properties boast luxury accommodations, extensive casino spaces, dining establishments, spas, convention facilities, and retail spaces. The Encore Boston Harbor project is particularly noteworthy for its scale, featuring a casino, hotel rooms, a park, and retail outlets. The Wynn Macau and Wynn Palace resorts in Macau offer prestigious hotel and casino experiences, with various amenities and entertainment options.