Wynn Resorts Announces Reduction Of WynnBET Markets
Portfolio Pulse from Happy Mohamed
Wynn Resorts, Limited (NASDAQ:WYNN) has announced its decision to close its online sports betting and iGaming platform, WynnBET, in several jurisdictions due to the high marketing costs and the lack of iGaming legislation. The company will cease operations in Arizona, Colorado, Indiana, Louisiana, New Jersey, Tennessee, Virginia, and West Virginia, while operations in Nevada and Massachusetts will continue. Operations in New York and Michigan are under review.
August 11, 2023 | 5:33 pm
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NEGATIVE IMPACT
Wynn Resorts' decision to close WynnBET in several states could potentially impact its revenue and profitability. However, the company's focus on states where it maintains a physical presence could offset some of the impact.
The closure of WynnBET in several states could lead to a decrease in revenue for Wynn Resorts. However, the company's decision to focus on states where it maintains a physical presence could help mitigate some of the potential losses. The lack of iGaming legislation and high marketing costs were cited as reasons for the closure.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 100