Wynn Resorts Set to Offload Sports Betting Business at Knockdown Price
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Wynn Resorts Set to Offload Sports Betting Business at Knockdown Price

Fire sale could see 85% knocked off 2021 valuation 📉

by - Tuesday, January 25th, 2022 9:58
Wynn Resorts Wynnbet

According to a report in the New York Post, Wynn Resorts intends to sell its sports betting business for approximately $500 million.

Wynn Resorts Set to Offload Sports Betting Business at Knockdown Price Wynn Resorts Set to Offload Sports Betting Business at Knockdown Price

However, in November of last year, the company announced that it had scrapped plans to merge Wynn Interactive with Austerlitz Acquisition Corp. — a company owned by Las Vegas Knights owner Bill Foley.

Wynn Resorts Set to Offload Sports Betting Business at Knockdown Price Wynn Resorts Set to Offload Sports Betting Business at Knockdown Price Wynn Resorts Set to Offload Sports Betting Business at Knockdown Price

“We were clear on our last earnings call about the current highly competitive nature of the online sports betting market and our desire to operate that business in way that will actually create long-term shareholder value.”

WynnBet is one of the 9 approved mobile sports betting operators issued a license by the New York Gaming Commission but has yet to launch in the state.

Jenny Tang

An experienced iGaming commentator and analyst based in New York City - Jenny reports on regulation and gambling industry news and events.