Players in Massachusetts have 30 days from yesterday (12 February) to withdraw any funds from their WynnBet account. Wynn Resorts will continue to operate retail sports betting in the state. Players can wager at the land-based sportsbook and kiosks inside its Encore Boston Harbor casino.
Wynn Resorts plans to scale back the WynnBet brand across the US, and as a result, it will also exit Colorado, Indiana, Louisiana, New Jersey, Tennessee, Virginia, and West Virginia. However, WynnBet will still remain active in Nevada, New York, and Michigan, although operations in New York and Michigan are currently under review.
WynnBet was originally supposed to continue operating in Massachusetts, but last week it was confirmed that the brand will also be exiting the state. Wynn chief financial officer Julie Cameron-Doe stated that they will work on closing down Massachusetts online and focus on monetizing their assets in a way that aligns with market regulations.
Unfortunately, WynnBet is falling behind in Massachusetts compared to the market leaders. In December, WynnBet generated $870,876 in online sports betting revenue from $12.5 million in bets. In contrast, DraftKings, the market leader, reported $29.9 million in revenue from $316.9 million in online wagers. Massachusetts itself experienced record-breaking handle and revenue for the second consecutive month, with a total of $658.7 million in bets and $60.6 million in taxable sports betting revenue in December.
Despite the announced exits, Wynn Resorts reported record revenue of $6.63 billion for 2023. The revenue growth was seen across all properties, particularly in Macau where revenue reached $3.10 billion, marking a 329.7% increase from the previous year. Las Vegas revenue climbed 16.3% to $2.48 billion, while Encore Boston Harbor saw a 4.2% increase to $865.8 million in revenue. The net profit for the year was $730.0 million, compared to a loss of $423.9 million in the previous year. Adjusted property EBITDAR also reached a record high of $2.11 billion for 2023.
