Wynn Resorts has announced big plans in 2021, and it will be using its WynnBET platform to do so. WynnBET is the online gaming platform of the popular resort company, and it has the ability to offer online sports betting and online casino gaming.
Matt Maddox, Chief Executive Officer of Wynn Resorts, made several important announcements last week when going over the fourth-quarter earnings report. It was a rough 2020 for Wynn for a number of reasons, but the company is looking to rebound in a big way.
Currently, WynnBET is available in Colorado, Michigan, and New Jersey, but that list will be growing throughout 2021. The company already has market access to Indiana, Iowa, Massachusetts, Nevada, Ohio, and Tennessee, and those states could all see a WynnBET product soon.
Massachusetts and Ohio currently don’t have sports betting, but WynnBET could be among the first to launch when the laws get changed. Sports betting is the big target for WynnBET, but breaking into the online casino gambling industry is another necessary step.
In October, Wynn Resorts purchased BetBull for $80 million, and this will allow the company to establish Wynn Interactive to help with the venture.
Partnerships on the Way
Maddox also announced that the company will be looking to complete some partnership and media deals in the coming month, and that should help promote the WynnBET brand. Several of these partnerships have been in the works for months, and financial details are still being worked out.
Before the company launches in other markets, an aggressive ad and marketing campaign is set to take place. Wynn wants to ensure that it can be competitive in every market, and it doesn’t just want to launch a site to be simply another option.
A Rough Fourth Quarter For Wynn
Wynn posted revenue of $686 million during the fourth quarter of 2020, but that was a decrease of almost 60% from 2019. Total 2020 revenue dipped nearly 70 percent, but Maddox expressed some optimism when delivering this update.
All Wynn properties did post a positive EBITDA during the fourth quarter, and that could bode well for the coming months. The total amount of EBITDA between Wynn properties was $39.4 million, which was well below the normal mark but a positive, according to Maddox.
Las Vegas Opening Back Up
Las Vegas and the entire state of Nevada has been hit hard by the COVID-19 pandemic, and that had a large impact on Wynn Resorts. Most Wynn properties were shut down for months, and the hotels and resorts have been very slow to open back up.
The Super Bowl helped boost revenue for Wynn Resorts as the properties were nearly 50 percent full for the first time in months. Wynn properties must limit occupancy to just 50 percent per the guidelines set forth by the governor.
Las Vegas is a major tourist destination in the US, but people stopped traveling due to fear of the pandemic. This is another reason Wynn is now focusing its attention online.