WynnBet ceases operations in Massachusetts
Players in Massachusetts have 30 days from yesterday (12 February) to withdraw any funds from their WynnBet account.
Wynn Resorts, however, will continue to operate retail sports betting in the state. Players can continue to wager at the land-based sportsbook and kiosks inside its Encore Boston Harbor casino.
The halting of operations in Massachusetts comes after Wynn Resorts last August set out plans to scale back the brand across the US. Along with Massachusetts, WynnBet will also exit Colorado, Indiana, Louisiana, New Jersey, Tennessee, Virginia and West Virginia.
The brand remains active in Nevada, New York and Michigan. However, Wynn chief financial officer Julie Cameron-Doe last week said its operations in New York and Michigan remain under review.
Incidentally, WynnBet was due to continue to operate in Massachusetts, as per the plans set out last summer. However, Cameron-Doe last week confirmed the brand would also be exiting the state.
“We’re working on closing down Massachusetts online as well,” Cameron-Doe said last week. “And wherever we’re able to and where we can interact with anybody else, we’ll make sure that we do the best for our shareholders and monetise the assets that we have in a way that works well with what’s allowed and what’s available out there in the market.”
WynnBet falling behind in Massachusetts
The most recently released monthly results for Massachusetts show WynnBet some way behind the market leaders.
During December, WynnBet posted $870,876 (£688,762/€808,966) in online sports betting revenue from $12.5m in bets. In comparison, market leader DraftKings reported $29.9m in revenue from $316.9m in online wagers.
As for the market as a whole, Massachusetts reported a record handle for the second consecutive month in December. Players wagered a total of $658.7m, including $643.2m online.
Turning to taxable revenue from sports betting, this reached $60.6m in December. This was 23.9% ahead of $48.9m in November and just 0.7% behind May’s $61.0m monthly record.
Online betting accounted for $59.3m of all sports betting revenue in December, with retail’s share at $1.3m.
Revenue hits record $6.53bn in 2023 at Wynn
Last week also saw Wynn Resorts report its 2023 financial results. For the past year, revenue hit $6.63bn (£5.16bn/€6.06bn), up 73.9% year-on-year and a new record for the operator.
Wynn reported widespread growth in 2023, with revenue up across all properties. However, it was in Macau where Wynn saw the most success, with significant growth at the Wynn Palace and Wynn Macau, following the removal of Covid measures in the region.
Operations in Macau accounted for $3.10bn of all revenue, up 329.7% from the previous year. Wynn Palace drew $1.89m in revenue and the Wynn Macau business $1.21bn.
Elsewhere, Las Vegas revenue climbed 16.3% to $2.48bn, while revenue at Encore Boston Harbor increased 4.2% to $865.8m.
Net profit for the year hit $730.0m, compared to a $423.9m loss in the previous year. In addition, adjusted property EBITDAR hiked 191.4% to a record $2.11bn for 2023.