One of Las Vegas’ most popular casinos, Wynn Resort is reportedly eyeing the sale of its online sports betting vertical called ‘WynnBET.’ According to a report by The New York Post, the casino is selling the unit for a lower valuation.
WynnBET was founded in 2020 and has its headquarters in the casino city of Las Vegas, Nevada. The platform is not widely available. The casino operator had launched the site only in limited markets, which includes states like Arizona, Colorado, Indiana, Louisiana, Michigan, New Jersey, Tennessee, and Virginia.
Now as per the latest news updates Wynn Resorts is selling off WynnBET for $500 million. This valuation is much lower than the earlier one. During an earnings call on 10th November 2021, Matt Maddox, CEO of Wynn, had said, “The market is really not sustainable right now, competitors are spending too much to get customers. And the economics are just not something that we’re going to participate in.”
The casino operator had earlier considered taking its company Wynn Interactive public via a special purpose acquisition company (SPAC). However, that did not fall in place.
In other news, Wynn Resorts has signed a multibillion-dollar deal with the United Arab Emirates (UAE) for the development of an integrated resorts project in Ras al-Khaimah, the capital of UAE. The deal is set to bring gaming and casinos, which was earlier prohibited in the country.
Amarylisa Gonsalves is a Content Writer at Gutshot Magazine. Advancing from a marketing background, she found her calling in writing. She takes delight in exploring genres and is a curious learner. Patient and ambivert, she believes in letting her work speak for itself. Apart from content writing, she finds solace in writing poetry by expressing herself through words. Additionally, she adores indulging in anything that satisfies her creative self, like drawing and DIY crafts.
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