Wynn ceasing online gaming operations ‘as soon as possible’ in 8 states

Wynn Resorts Ltd.
WYNN,
-3.52%
said Friday it was getting out of online sports betting and online gaming in certain areas. “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,” said Julie Cameron-Doe, Wynn chief financial officer, in a statement, adding that the company will “focus primarily on those states where we maintain a physical presence.” Areas affected include Arizona, Colorado, Indiana, Louisiana, New Jersey, Tennessee, Virginia, and West Virginia, where operations will cease “as soon as possible,” while operations in Nevada and Massachusetts are not affected and operations in New York and Michigan “remain under review,” the company said. Wynn shares were last down 4% in Friday trading.