Wynn Eyes Sale Of Sports Betting DivisionPrice Tag Could Come At Fraction Of Previous Valuation |
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Las Vegas-based Wynn Resorts expects to cash out of the online sports betting business, according to a report from The New York Post.
The casino operator has launched its gaming site WynnBET in a handful of markets. The casino operator is reportedly looking to sell the unit for $500 million.
That would be a decline from an earlier valuation.
“The market is really not sustainable right now,” Wynn CEO Matt Maddox said on a Nov. 10 earnings call. “Competitors are spending too much to get customers. And the economics are just not something that we’re going to participate in.”
Wynn has previously considered taking Wynn Interactive public via a SPAC.
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