Casino

Wynn wants to sell sports betting unit for $500M

Tuesday 25 de January 2022 / 12:45

⏱ 1 min read

(Las Vegas).- Wynn Resorts intends to sell its online betting unit, Wynn Interactive, for $500 million — and that’s after it received a $3 billion valuation last year, according to the New York Post.

Wynn wants to sell sports betting unit for $500M

High marketing costs associated with acquiring new customers, despite recent growth in revenue and reach, is reportedly spurring the decision.

The company’s WynnBET sportsbook has market access in Arizona, Colorado, Indiana, Michigan, New Jersey, Tennessee, Virginia, Louisiana, and New York.

It’s inked multiyear partnerships with the NFL’s Indianapolis Colts, Detroit Lions, and New York Jets.
Over the past year, it’s added NBA legend Shaquille O’Neal, former USMNT goalkeeper Tim Howard, and former NFL star Chad Johnson as ambassadors.

Wynn posted $994.6 million in revenue in Q3 2021, up from $370.5 million for the same period a year prior. The company reported a net loss of $166.2 million during the quarter, down from a net loss of $758.1 million in Q3 2020.

Change of Plans

Last September, Wynn entered an agreement with the Bank of China to obtain a $1.5 billion line of credit. Reports suggested that the company planned to use $100 million of the capital to market its sports betting app during this year’s football season.

Wynn planned to take its online sports betting division public via a SPAC merger with Austerlitz Acquisition Corporation but scrapped the deal last November.

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