Wynn to Sell Online Sports Betting Unit for $500m
The company's decision to sell the sports betting unit was geared by several factors like high marketing costs and difficulty in getting new customers.
Despite Wynn's (NASDAQ: WYNN) $3 billion valuation last year and recent growth in reach and revenue, the company decided to sell its sports betting business at a discounted price.
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Some of the goals achieved by Wynn Resorts over the past year include:
- Getting licenses to offer services in jurisdictions like Arizona, Colorado, Indiana, Michigan, New Jersey, Tennessee, Virginia, Louisiana, and New York.
- Entering multi-year partnership deals with the NFL's Indianapolis Colts, Detroit Lions, and New York Jets.
Another achievement includes signing NBA legend Shaquille O'Neal, former USMNT goalkeeper Tim Howard, and former NFL star Chad Johnson as brand ambassadors.
Wynn's change of plans is no doubt surprising as early as last September reports suggested that part of the company's reason for partnering with the Bank of China for a $1.5 billion loan is to spend as much as $100 million on its sports betting app for the 2022 sports season.
The company also planned to make public its online sports betting unit through its SPAC merger with Austerlitz Acquisition Corporation. However, the deal fell through last November.
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