Wynn Interactive, a division of Wynn resorts, has stopped operating its WynnBet brand of online gambling in Massachusetts.
Massachusetts players have until yesterday, 12 February to withdraw funds from their WynnBet accounts.
Wynn Resorts will, however, continue to offer retail sports betting within the state. The land-based and kiosk-based sportsbooks at Encore Boston Harbor Casino will continue to accept wagers.
Wynn Resorts announced plans last August to reduce the size of the Wynn brand in the US. WynnBet is also leaving Colorado, Indiana and Louisiana.
Brand remains active in Nevada as well as New York and Michigan. Wynn’s chief financial officer Julie Cameron Doe said last week that its operations in New York, Michigan and Nevada remain under review.
According to the plan set forth last summer, WynnBet would continue operating in Massachusetts. Cameron-Doe confirmed last week that the brand will also leave the state.
Cameron-Doe stated last week that “we’re also working to close down Massachusetts online.” We’ll do our best to make the most of what we have and how we interact with others.
WynnBet falls behind in Massachusetts
WynnBet is a little behind market leader in Massachusetts according to the most recent monthly results.
During December, WynnBet posted $870,876 (PS688,762/EUR808,966) in online sports betting revenue from $12.5m in bets. DraftKings, the market leader in terms of online bets and revenue, reported $316.9 million in wagers for a total of $29.9 million in profit.
Massachusetts’s market reported record handling for the second month running in December. The players wagered $658.7m in total, with $643.2m of that amount being bet online.
In December, the taxable sports wagering revenue reached $60.6m. It was 23,9% more than the $48.9m of November, and only 0.7% less than May’s monthly record $61.0m.
In December 2018, online betting generated $59.3m in revenue, while retail betting generated $1.3m.
Wynn Resorts to record $6.53bn revenue in 2023
Wynn Resorts also reported its financial results for 2023 last week. For the past year, revenue hit $6.63bn (PS5.16bn/EUR6.06bn), up 73.9% year-on-year and a new record for the operator.
Wynn has reported a growth of revenue across its properties in 2023. Wynn’s biggest success was seen in Macau with the Wynn Palace, and Wynn Macau. This is after the Covid restrictions were removed.
Macau operations accounted for 3,10bn dollars of revenue in the year, an increase of 329.7% over last year. Wynn Palace generated $1.89m and Wynn Macau $1.21bn in revenue.
Encore Boston Harbour revenue increased by 4.2%, to $865.8m, while Las Vegas revenues grew 16.3%, to $2.48bn.
The net profit was $730.0m for the fiscal year, up from a loss of $423.9m the prior year. The adjusted EBITDAR for property increased by 191.4%, reaching a new record of $2.11bn in 2023.
