The pandemic has sent Wynn Resorts land based casino revenues spiraling downwards, forcing them to switch to iGaming and sports betting in an attempt to stay afloat. Wynn Resorts which has operations in Macau and Las Vegas has lost a combined $758 million in the third quarter.
Wynn Resorts has now placed an emphasis on sports betting and online gaming in a bid to make up for lost revenue from the land based casino industry. Through Wynn Interactive, which is the iGaming and sports betting division, the company has entered into a deal with NASCAR that has resulted in a new brand WynnBET being created as an Authorized Gaming Operator.
This is a very big move considering that Wynn Interactive was created only two years ago after the main company partnered with BetBull Ltd from the UK. Wynn Resorts is injecting $80 million into this new venture to aid in the reorganization and expansion of its new operations. Part of the money will go towards the acquisition of permits in Virginia and Tennessee to add to its existing operations in Nevada and New Jersey
Wynn Interactive is also targeting another nine states, including Massachusetts and Florida, where online betting is yet to be legalized. Wynn is waiting to launch in the state of Illinois where sports betting regulation is currently being fine-tuned.
Wynn CEO Matt Maddox said the merger between Wynn Interactive and BetBull was going to be mutually beneficial in the long term. Maddox further added that revenues of all the single businesses brought under Wynn Interactive brand brought in $21 million in 2019 but he expected a much higher number in 2020.