The company said that it will work with its regulators and patrons, and seek to cease operations in Arizona, Colorado, Indiana, Louisiana, New Jersey, Tennessee, Virginia, and West Virginia as soon as possible. Operations in Nevada and Massachusetts will continue unaffected and operations in New York and Michigan remain under review.
Julie Cameron-Doe, Chief Financial Officer of Wynn Resorts, said: “In light of the continued requirement for outsized marketing spend through user acquisition and promotions in online sports betting, we believe there are higher and better uses of capital deployment for Wynn Resorts shareholders.”
Julie Cameron-Doe, Chief Financial Officer of Wynn Resorts
She added: “While we believe in the long-term prospects of iGaming, the dearth of iGaming legislation and the presence of numerous other investment opportunities available to us around the globe have led us to the decision to curtail our capital investment in WynnBET to focus primarily on those states where we maintain a physical presence.”
The development comes a week after the operator had announced that six additional states were available on its new WynnBET app including Arizona, Colorado, Indiana, Louisiana, Tennessee, and Virginia. The new platform replaced the existing state-specific apps with an enhanced product.
WynnBET had earlier noted that the platform aims to enhance the user experience by introducing a range of improved features, including streamlined deposits and withdrawals, a unified app and login across all states, a traveling wallet, an expanded selection of sports markets, and more casino games.
The platform will also use geolocation technology to ensure players have access to any state-specific markets and promotions. Additionally, the Wynn Rewards loyalty scheme will also be available, with bets made through the app contributing towards the program.