Wynn Resorts Encore (from website)
Wynn Resorts is looking to dump its online sports-betting business Called WynnBet. More specifically, the company is looking to unload Wynn Interactive, the division that runs WynnBett. Apparently, online sports gambling has not been so successful for everyone.
The New York Post has reported that Wynn Resorts is now asking for just $500 million for its Wynn Interactive unit after giving it as much as a $3 billion valuation less than a year ago.
Founded by Jewish Casino magnate Steve Wynn in 2002, Wynn Resorts only got into the sports betting internet business recently, but so did everybody else at the same time. WynnBett was only just founded in 2020. That is when the U.S. Supreme Court overturned federal laws that prohibited cross-state sports gambling. While most states did not legalize sports gambling, many did and this opened up the opportunity for a fortune to be made through online sports gambling.
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We’re ready to party All Night Long. Limited tickets for Lionel Richie are still available! https://t.co/GFgIeDK5NK
— Wynn Las Vegas (@WynnLasVegas) January 23, 2022
Casino billionaire Steve Wynn actually no longer runs Wynn Resorts. The sun of a Bingo business operator from Connecticut was forced out of the leadership of his own company in 2018 after a number of allegations surfaced about sexual misconduct and abuse. The soon to be 80 year old also had a number of legal problems and civil suits.
The news comes after Wynn Resorts’ stock jumped by 8.6% last week. The increase was accredited to an announcement by Chinese authorities that Macau would not be granting any new casino licenses. This means no new competition for Wynn which operates just one of the 6 casinos there.
Wynn Resorts issued a statement about the Macau news saying, “Following a period of careful consideration that included feedback from the concessionaires and the public, Macao’s Executive Council provided new details on the proposed revisions to the gaming law. The overall tone and details provided by the authorities are very encouraging.”
