Reports Wynn Resorts to sell its online sports betting business

According to the New York Post, Wynn Resorts wants to sell its online sports betting business at a heavily discounted price

According to the New York Post, Wynn Resorts wants to sell its online sports betting business at a intemperately discounted price.

Apparently, the Las Vegas-based cassino manipulator has faced significant losses from heights taxes, as intimately as pricy promotions requisite to enticement customers.

Sources say the operator of WynnBet is selling its Wynn Interactive social unit for a terms of $500m, despite a $3bn valuation to a lesser extent than a twelvemonth ago.

The rumours of the sale come less than sixer months after Wynn Resorts began preparing its springtime launch of WynnBet, with NBA legend Shaquille O’Neal existence made its brandmark ambassador.

O’Neal had yet sold his nonage post inward the capital of California Kings NBA team so he could follow capable to do work with Wynn Resorts without breaking the league’s gaming rules.

Back in August, O’Neal commented on the deal: “I am so excited to use up WynnBet to new heights. Mobile sports betting is having a major mo and I trust WynnBet testament live a powerful ram in the industry.”

However, inward November, Wynn Resorts cancelled its plans and announced it would follow coming together its Wynn Interactive unit with battle of Austerlitz Acquisition Corp, a blank-check companionship belonging to Las Vegas Knights possessor Bill Folley.

A Wynn Resorts spokesman said the operator would not comment on what they deemed to live but a rumour.

Wynn Resorts currently possesses a New York online betting licence, but has non launched inward the moneymaking securities industry as of yet: it is believed to be awaiting last regulatory approvals.

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