Home >News >World >Wynn invests $80 million in revamped online-gaming joint venture

Wynn Resorts Ltd. is investing $80 million in a newly reorganized joint venture to pursue online betting in the U.S., marking the latest attempt by casino giants to tap the fast-growing market.

Wynn had established a partnership two years ago with BetBull Ltd., a European online gaming operator, to pursue sports betting. The new venture, which is owned 71% by Wynn and 29% by BetBull’s former shareholders, combines that company’s online betting operations overseas with Wynn’s sports betting and social games in the U.S.

The venture, which will operate under the name Wynn Internative, has launched in New Jersey and had revenue of about $21 million last year. The plan is to expand to Colorado, Michigan and Indiana in the coming months.

BetBull developed some new ways of online gaming that are unique in the industry, Wynn Chief Executive Officer Matt Maddox said on a conference call.

“It moves you into chat rooms quickly -- it’s fun," he said.

The joint venture has deals that will allow it to offer sports betting in nine states and employs about 150 people.

Wynn reported sales for the third quarter that fell short of analysts’ estimates due to weakness in the Macau market. Revenue and profit in Las Vegas, though down sharply from last year, exceeded expectations due to rebounding weekend demand.

The company’s Boston-area resort had its most profitable quarter since opening, although the property will have to cut back its hours starting Friday due to new pandemic-related restrictions.

This story has been published from a wire agency feed without modifications to the text.

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