- Wynn Resorts reported more than $162 million in losses from their Wynn Interactive division.
- This is now the second straight year that Wynn Interactive has lost more than $100 million from January through June.
LAS VEGAS – Wynn Resorts has reported losses of greater than $162 million so far this year through their online sportsbooks and gambling site.
2022 marks the second straight year that Wynn Interactive, the division within Wynn that is home to their online sportsbook and iCasino, has lost more than $100 million from January through June of the given year.
Why Wynn Interactive Has Struggled
Wynn Resorts has looked at selling their online sportsbook and gambling site before, even at a steep discount.
In mid-January when the report was made, Wynn Resorts was reportedly looking to sell Wynn Interactive for $500 million, despite a valuation of close to $3 billion.
Now after two straight years of substantial losses, that $500 million dollar asking price seems absurd.
The main reason that Wynn Interactive has struggled is the same as many other U.S.-based gambling sites, the taxes and promotions necessary to compete are too high.
Despite the massive commitments already made by Wynn Interactive to compete, the company has struggled to gain any foothold. According to top analysts, Wynn Interactive’s WynnBet Sportsbook was only expected to command 2.5% of the North American market.
How Wynn Interactive Stays In Business
After losing a combined $262 million over the first six months of the past two years it is only fair to question the staying power of Wynn Interactive.
For a normal up-and-coming online gambling site, losses such as those experienced by Wynn Interactive would spell the end of the gaming division. Within the Wynn Resorts brand though, those losses are not going to bankrupt the company.
With such a large company backing them, Wynn Interactive is only likely to crumble if they are sold.