Sunday, October 2, 2022

Reports Wynn Resorts to sell its online sports betting business

According to the New York Post, Wynn Resorts wants to sell its online sports betting business at a heavily discounted price.

Apparently, the Las Vegas-based casino operator has faced significant losses from high taxes, as well as costly promotions needed to lure customers.

Sources say the operator of WynnBet is selling its Wynn Interactive unit for a price of $500m, despite a $3bn valuation less than a year ago.

The rumours of the sale come less than six months after Wynn Resorts began preparing its spring launch of WynnBet, with NBA legend Shaquille O’Neal being made its brand ambassador.

O’Neal had even sold his minority stake in the Sacramento Kings NBA team so he could be able to work with Wynn Resorts without breaking the league’s gambling rules.

Back in August, O’Neal commented on the deal: “I am so excited to take WynnBet to new heights. Mobile sports betting is having a major moment and I believe WynnBet will be a powerful force in the industry.”

However, in November, Wynn Resorts cancelled its plans and announced it would be merging its Wynn Interactive unit with Austerlitz Acquisition Corp, a blank-check company belonging to Las Vegas Knights owner Bill Folley.

A Wynn Resorts spokesman said the operator would not comment on what they deemed to be merely a rumour.

Wynn Resorts currently possesses a New York online betting licence, but has not launched in the lucrative market as of yet: it is believed to be awaiting final regulatory approvals.

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