Wynn Resorts and its founder Steve Wynn is synonymous with Las Vegas. Right now, neither are busy in Sin City. Wynn Resorts is exploring the gaming business in the US outside of Las Vegas. Meanwhile, Steve Wynn cannot be associated with a “gaming enterprise” in Nevada.
Wynn Resorts (Wynn moving forward) has invested heavily into its interactive gaming division WynnBet. This investment into its online sports betting and casino could soon be sold.
Similar to other national online sportsbook and casino apps, WynnBet is n0t available in Nevada. This is no different than how companies like MGM Resorts and Caesars Entertainment treat their online sports betting and casino apps, BetMGM and Caesars Sports, respectively.
Wynn owns a plot of vacant land across the street from Wynn Las Vegas. The company has no plans to expand its empire to the other side of the Vegas Strip. Instead, Wynn is looking to expand its brand to the Middle East with an Integrated Resort in the United Arab Emirates.
WynnBet might be up for sale
Wynn had major plans for its Wynn Interactive division last year. The company aggressively marketed its online sportsbook and casino to states outside of Nevada where one or both were legal.
During its third-quarter earnings call late last year, Wynn announced it was pulling back on this part of its business. The competition and cost to acquire new customers were so high that the company decided to slow down to try and make a profitable business.
In addition to the news about WynnBet during the earnings call, CEO Matt Maddox announced he was stepping down from his post. Maddox was brought on to move the company forward after Steve Wynn left.
A few days later, Wynn canceled plans to create a SPAC (Special Purpose Acquisition Company). This would have merged Wynn Interactive with Austerlitz Acquisition to become a public company.
The New York Post is now reporting that Wynn could be looking to sell its online business. According to the report, this could be a firesale with an asking price of $500 million. Last year the company had a $3 billion valuation for Wynn Interactive.
While the sale price is a huge drop from that valuation, it’s probably a more accurate representation of what the company is worth today.
This isn’t a done deal yet. Selling Wynn Interactive would give the company a chance to focus on what it does best – build beautiful luxury casino resorts.
Wynn plans to build integrated resort in United Arab Emirates
While the news about WynnBet is still an unconfirmed rumor, Wynn announced an official plan to create a new integrated resort with partners in the United Arab Emirates. The multibillion-dollar property should be ready to open in 2026. Wynn will build the new property on the man-made Al Marjan Island in Ras Al Khaimah, United Arab Emirates.
This would make the project Wynn Resorts’ first beach resort. The new property will occupy 250,000 square meters (sqm) of the 2.7 million sqm island. This location will offer guests views of the Arabian Gulf as well as beaches and a marina.
According to Wynn, the project will offer the following:
- A 1,000+ room hotel
- High-end shopping mall
- A state-of-the-art meeting and convention facility
- A spa
- More than ten restaurants and lounge
- A gaming area
The integrated resort will also offer a variety of entertainment options and other amenities. Craig Billings, CEO of Wynn Resorts, said:
“Al Marjan Island is a pristine setting and an ideal greenfield location for us to create the one-of-a-kind guest experiences for which Wynn Resorts is renowned. The region offers tremendous potential for the hospitality and tourism industry, and we are excited about the prospect of developing an integrated resort in Ras Al Khaimah.”
While Wynn has a plan for this development, it still has to apply for an integrated resort license from the Ras Al Khaimah Tourism Development Authority.
Meanwhile, Wynn owns a plot of undeveloped land across the street from its Las Vegas property. A spokesperson told the Las Vegas Review-Journal that “(w)e continue to evolve our ideas for the 38 acres located across from Wynn Las Vegas and look forward to developing it at the appropriate time.”
Perhaps moving on from the interactive division will allow the company to focus on its core casino business in Las Vegas.