Wynn Resorts made an announcement last week that it is pulling out of online gaming in several states. However, WynnBet did not mention anything about a pending PA online casino launch.
Though the operator was steps away from a launch, PlayPennsylvania learned that is not happening.
WynnBet canceled PA online casino launch
In a press release issued last week, WynnBet disclosed that it is leaving the online gaming industry in the following states:
- New Jersey
- West Virginia
The announcement did not mention Pennsylvania, as WynnBet was scheduled to launch an online casino in the coming months. Pennsylvania Gaming Control Board (PGCB) Director of Communications, Doug Harbach, told PlayPennsylvaia back in June that WynnBet was “working on completing the remaining PGCB requirements that would permit a test period to begin.”
Harbach updated WynnBet’s situation, and a Pennsylvania online casino launch has been affected.
“WynnBet has cancelled their soft launch and has no plans to offer Interactive Gaming in PA at this time,” Harbach told PlayPennsylvania.
A WynnBet spokesperson also confirmed to PlayPennsylvania that it is “not pursuing a PA launch.”
Wynn Resorts CFO, Julie Cameron-Doe, made the following statement on online casinos:
“While we believe in the long-term prospects of iGaming, the dearth of iGaming legislation and the presence of numerous other investment opportunities available to us around the globe have led us to the decision to curtail our capital investment in WynnBET to focus primarily on those states where we maintain a physical presence.”
WynnBet said it will cease operations in the listed states above “as soon as possible.” Operations in Nevada and Massachusetts will continue unaffected and operations in New York and Michigan remain under review.
WynnBet’s online gambling performance in other states
WynnBet had online casino operations in New Jersey, while Michigan is still under review. New Jersey does not report revenue by operator, however, WynnBet has not carved out much market share in the Garden State. Most of the June revenue was dominated by the license holders of Golden Nugget ($41.8 million) Borgata ($39.4 million), and Resorts ($35.6 million).
Caesars, who WynnBet is partnered with, generated $9 million in revenue. However, Caesars is also partnered with its own brand, WSOP and 888 Casino. WynnBet and Caesars likely drive much of the revenue for the licensee.
WynnBet Michigan is typically the sixth or seventh-grossing online casino in the state. It’s averaged $5.33 million per month in revenue so far in 2023.
Sports betting numbers are grim in New Jersey and Michigan. WynnBet’s license with Caesars generated just $105,504 in June revenue. Out of 15 sportsbooks, WynnBet ranked ninth in Michigan, recording $1.4 million in June revenue. It equates to 0.5% market share.
Cameron-Doe said of sports betting:
“In light of the continued requirement for outsized marketing spend through user acquisition and promotions in online sports betting, we believe there are higher and better uses of capital deployment for Wynn Resorts shareholders.”
WynnBet had no plans of launching a sportsbook in the Keystone State.
What’s next for Pennsylvania online casinos?
WynnBet would have added to Pennsylvania’s revenue over time, however, the Keystone State won’t skip a beat.
There are still several online casinos that are newly launched or coming soon.
Fanatics Casino is coming soon and taking over PointsBet’s license. Bet365 is the only operator that hasn’t been approved by the PGCB yet, but applied for a sports betting and online casino license in February 2023.
Pennsylvania will remain the top market for online casino launches in the future.