The Wynn Interactive division of Wynn Resorts has announced the closure of its WynnBet online gambling brand in Massachusetts. Players in the state have 30 days to withdraw any remaining funds from their WynnBet account. Despite this decision, Wynn Resorts will continue to offer retail sports betting in Massachusetts, allowing players to place wagers at the land-based sportsbook and kiosks located within the Encore Boston Harbor casino.

This move follows Wynn Resorts’ previous announcement in August to scale back its WynnBet brand across the United States. In addition to Massachusetts, WynnBet will also be exiting Colorado, Indiana, Louisiana, New Jersey, Tennessee, Virginia, and West Virginia. The brand will remain active in Nevada, New York, and Michigan, although its operations in New York and Michigan are currently under review.

Plans to continue operating WynnBet in Massachusetts, as outlined last summer, have been scrapped. Wynn Resorts’ chief financial officer, Julie Cameron-Doe, confirmed this decision and emphasized the company’s commitment to maximizing shareholder value and assets amid evolving market conditions.

Financial data for WynnBet in Massachusetts shows that the brand has struggled to compete with market leaders. During December, WynnBet generated $870,876 in online sports betting revenue from $12.5 million in bets, while DraftKings reported $29.9 million in revenue from $316.9 million in online wagers. Overall, Massachusetts experienced record-breaking sports betting activity in December, with a total handle of $658.7 million, including $643.2 million in online wagers.

Wynn Resorts also reported its financial results for 2023, achieving a record revenue of $6.63 billion, up 73.9% year-on-year. The company witnessed growth across all properties, with Macau operations contributing significantly to the revenue increase. Wynn Palace and Wynn Macau saw substantial revenue growth after the removal of Covid measures in the region, contributing to Macau’s total revenue of $3.10 billion. Las Vegas revenue increased by 16.3% to $2.48 billion, while revenue at Encore Boston Harbor grew by 4.2% to $865.8 million. The net profit for the year reached $730.0 million, compared to a $423.9 million loss in the previous year, reflecting a positive financial outlook for Wynn Resorts.

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