Wynn Resorts and its founder, Steve Wynn, are closely associated with Las Vegas. However, currently, neither are active in this city. Wynn Resorts is exploring opportunities in the gaming industry in the US, beyond Las Vegas. On the other hand, Steve Wynn is precluded from associating with a “gaming enterprise” in Nevada.
Wynn Resorts, henceforth referred to as Wynn, has made substantial investments in its interactive gaming division, WynnBet. This division, which focuses on online sports betting and casino games, could potentially be sold soon.
Like other national online sportsbook and casino applications, WynnBet is not accessible in Nevada. This mirrors the approach of companies such as MGM Resorts and Caesars Entertainment, who likewise do not offer their online sports betting and casino apps, BetMGM and Caesars Sports respectively, in Nevada.
Wynn owns a vacant plot of land opposite Wynn Las Vegas. However, the company has no intentions to extend its reach to the other side of the Vegas Strip. Rather, Wynn is planning to broaden its brand to the Middle East by establishing an Integrated Resort in the United Arab Emirates.
WynnBet might be up for sale
Last year, Wynn had substantial plans for its Wynn Interactive division. The firm vigorously promoted its online sportsbook and casino to states beyond Nevada where either or both were legal.
Wynn declared in its third-quarter earnings call last year that it was scaling back a part of its business. The company made this decision because the competition and customer acquisition costs were exceedingly high. So, to attempt to create a profitable business, the company decided to decelerate.
CEO Matt Maddox announced during the earnings call that he would be stepping down from his position, aside from sharing news about WynnBet. Maddox was initially hired to advance the company following Steve Wynn’s departure.
Several days afterwards, Wynn abandoned the idea of establishing a Special Purpose Acquisition Company (SPAC). This move would have amalgamated Wynn Interactive with Austerlitz Acquisition to form a publicly traded company.
The New York Post has reported that Wynn might be considering selling its online business. The report suggests that this could be a clearance sale, with a proposed price of $500 million. Last year, Wynn Interactive was valued at $3 billion by the company.
Although the sale price significantly falls short of the previous valuation, it is likely a more precise estimate of the company’s current worth.
The deal isn’t finalized yet. The potential sale of Wynn Interactive could allow the company to concentrate on its forte – constructing lavish luxury casino resorts.
Wynn plans to build integrated resort in United Arab Emirates
Wynn has officially announced plans to establish a new integrated resort in the United Arab Emirates, in partnership with local entities. This multibillion-dollar property will be constructed on the artificial Al Marjan Island in Ras Al Khaimah and is anticipated to be operational by 2026. However, the news about WynnBet remains an unverified rumor.
This would be Wynn Resorts’ inaugural beach resort. The upcoming property will be established on 250,000 square meters of the 2.7 million square meter island. This spot will provide visitors with views of the Arabian Gulf and access to beaches and a marina.
Wynn states that the project will provide the following:
- A hotel with over 1,000 rooms
- Luxury shopping center
- A cutting-edge convention and meeting facility
- A wellness center
- Over ten restaurants and lounges.
- A gaming zone
Craig Billings, CEO of Wynn Resorts, stated that the integrated resort will also provide a range of entertainment choices and additional amenities.
Wynn Resorts is known for its unique guest experiences and the unspoiled natural setting of Al Marjan Island along with its ideal greenfield location, perfectly aligns with our ethos. The region holds immense potential for the tourism and hospitality industry. We are thrilled about the possibility of establishing an integrated resort in Ras Al Khaimah.
Even though Wynn has a blueprint for this development, it still needs to secure an integrated resort license from the Ras Al Khaimah Tourism Development Authority.
Wynn owns an undeveloped plot of land opposite its property in Las Vegas. Speaking to the Las Vegas Review-Journal, a representative stated, “We are constantly refining our plans for the 38-acre site located across from Wynn Las Vegas and anticipate developing it when the time is right.”
Maybe the company will be able to concentrate on its main casino business in Las Vegas if it moves on from the interactive division.
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