The online gaming industry is experiencing many of the same problems that online retailers have endured over the past years of rapid eCommerce adoption. Look no further than deal to unwind Wynn Resorts from its online gaming arm after just just a year of development, according to recent reports.
The Las Vegas-based casino giant is quietly shopping its Wynn Interactive unit — operator of the WynnBet online gaming app — and has slashed the asking price to $500 million after floating a $3 billion valuation less than a year ago, a source close to the situation told The Post. The fire sale comes less than six months after Wynn was publicly readying a splashy spring launch for WynnBet, signing up NBA legend Shaquille O’Neal as a brand ambassador.
According to sources, the top acquisition partners for Wynn Interactive are Fanatics and Penn Interactive, two of the most digitally-native operators in the space. In November 2021, the CEO of Wynn, Matt Maddox recent signaled, “The market is really not sustainable right now. Competitors are spending too much to get customers.” The industry’s pressure test is this weekend.
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