According to a press release published by Wynn Resorts on Friday (Aug. 11), WynnBET will be shut down “as soon as possible” in eight states: Arizona, Colorado, Indiana, Louisiana, New Jersey, Tennessee, Virginia, and West Virginia. The closures’ timing is determined by the company’s partnership with authorities and consumers.
WynnBET will continue to function regularly in Nevada and Massachusetts, but its future in New York and Michigan is “under review,” according to a press release from the business.
“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,” said Wynn Resorts Chief Financial Officer Julie Cameron-Doe in a statement.
“While we believe in the long-term prospects of iGaming,” Cameron-Doe added, “the lack of iGaming legislation and the presence of numerous other investment opportunities available to us around the world have led us to the decision to curtail our capital investment in WynnBET in order to focus primarily on those states where we maintain a physical presence.”
