Wynn Resorts and its founder, Steve Wynn, are typically associated with Las Vegas. However, currently, both are inactive in Sin City. Wynn Resorts is investigating opportunities in the gaming industry outside of Las Vegas in the US. On the other hand, Steve Wynn is unable to be linked with a “gaming enterprise” in Nevada.
Moving forward, Wynn Resorts (Wynn) has significantly invested in its interactive gaming division, WynnBet. The investment in its online sports betting and casino could potentially be sold soon.
Just like other national online sportsbook and casino apps, WynnBet is not accessible in Nevada. This mirrors the approach of companies such as MGM Resorts and Caesars Entertainment, who have also restricted access to their online sports betting and casino apps, BetMGM and Caesars Sports, respectively, in this state.
Wynn possesses a piece of empty land opposite Wynn Las Vegas. However, the company has no intentions of extending its reach to the opposite side of the Vegas Strip. Wynn’s expansion plans are focused on the Middle East, specifically aiming to establish an Integrated Resort in the United Arab Emirates.
WynnBet might be up for sale
Last year, Wynn had significant plans for its Wynn Interactive division. The company marketed its online sportsbook and casino vigorously to states outside Nevada where either or both were legal.
Wynn revealed during its third-quarter earnings call last year that it was scaling back a segment of its business. The company made this decision due to the intense competition and exorbitant cost of acquiring new customers, opting to slow down in an attempt to steer the business towards profitability.
During the earnings call where news about WynnBet was shared, CEO Matt Maddox also declared his resignation from the role. Maddox was initially hired to progress the company following Steve Wynn’s departure.
Wynn scrapped plans to establish a Special Purpose Acquisition Company (SPAC) a few days later. This move would have seen Wynn Interactive merge with Austerlitz Acquisition to go public.
The New York Post has recently reported that Wynn may be considering selling its online business. The report suggests it could be a firesale, with an asking price of $500 million. Just last year, Wynn Interactive was valued at $3 billion.
Despite the sale price being a significant decrease from the previous valuation, it likely presents a more precise depiction of the company’s current worth.
This deal isn’t finalized yet. If Wynn Interactive were sold, it would allow the company to concentrate on its core competency – constructing luxurious, high-end casino resorts.
Wynn plans to build integrated resort in United Arab Emirates
Wynn has officially announced their plans to construct a new integrated resort in partnership with the United Arab Emirates, despite the news about WynnBet remaining unverified. The property, valued at several billion dollars, is anticipated to be operational by 2026. The resort will be erected on the artificially created Al Marjan Island, located in Ras Al Khaimah, United Arab Emirates.
This will be the first beach resort project for Wynn Resorts. The new property is set to cover 250,000 square meters (sqm) of the 2.7 million sqm island. Guests at this location will enjoy views of the Arabian Gulf, beaches, and a marina.
Wynn states that the project will provide the following:
- A 1,000+ room hotel
- High-end shopping mall
- A modern and advanced meeting and convention center.
- A spa
- Over ten restaurants and lounges.
- A gaming area
Craig Billings, CEO of Wynn Resorts, stated that the integrated resort will not only provide entertainment options but also a variety of other amenities.
Wynn Resorts is renowned for creating unique guest experiences, and the pristine setting of Al Marjan Island provides an ideal greenfield location for us to do just that. The region has immense potential for the hospitality and tourism industry. We are thrilled at the possibility of developing an integrated resort in Ras Al Khaimah.
Although Wynn has a strategy for this development, it must still secure an integrated resort license from the Ras Al Khaimah Tourism Development Authority.
Wynn possesses an undeveloped piece of land opposite its property in Las Vegas. According to a spokesperson who spoke to the Las Vegas Review-Journal, they continue to refine their plans for the 38-acre site across from Wynn Las Vegas and anticipate its development when the time is right.
Maybe departing from the interactive division will enable the company to concentrate on its main casino business in Las Vegas.
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