Wynn Focusing on NFL Season, Expanding to More States
Wynn Resorts is preparing to launch a robust marketing campaign for its WynnBET online sportsbook around the start of the 2021 NFL season.
”On the development front, our WynnBET online casino and sports betting app is currently available in six states with additional launches planned over the coming months,” Matt Maddox, chief executive officer of Wynn Resorts Limited, said during the earnings call. “We continue to enhance our product with frequent new feature releases and are advancing our marketing and branding strategy as we approach the upcoming NFL 2021 season.
“We put together a full robust program of new product delivery, and in a marketing program that we will be rolling out for NFL this year that we're excited about. The space is competitive, there's no doubt about that. We are very confident with what we put together with our products, with our brand and what we're going to be able to offer, that we are going to be a real player in this market.”
WynnBET is available in Indiana, Colorado, Tennessee, New Jersey, Virginia and Michigan and is set to expand to more states, according to Craig Billings, chief financial officer of Wynn Resorts Limited. Much of the second quarter was aimed at advancing the WynnBET product features and building a marketing campaign around online sports betting and online casino. As of July, WynnBET recorded a run rating of $110 million in annualized gross revenue.
“Despite lower-than-expected acquisition spend, we anticipate our revenue to accelerate over the remainder of the year, particularly in the fourth quarter as we roll out our thoughtful and unique marketing campaign and our new product features,” Billings said.
Q2 Operating Revenues Up
With a sense of normalcy returning to casinos and the gaming industry, Wynn Resorts saw its operating revenues increase for the second quarter of 2021.
During Tuesday’s call, Wynn highlighted its operating revenue of $990.1 million, which was an increase of $904.4 million from the $85.7 million for the second quarter of 2020.
"We were pleased to see the strong return of our guests at both Wynn Las Vegas and Encore Boston Harbor during the second quarter with Adjusted Property EBITDA at our U.S. operations well above pre-pandemic levels, highlighting the significant pent-up demand for travel and leisure experiences," Maddox said.
Similar to other gaming brands across the country, Wynn was affected by COVID-19 shutdowns. Each of Wynn’s properties was subject to partial or full closure for varying lengths during 2020 before each reopened with certain COVID-19 protective measures in place. On May 3, the Nevada Gaming Control Board permitted Wynn and other gaming facilities to reopen with 100% capacity. The mask protection requirements in all indoor public areas was re-issued by the state on July 27.
Potential for More Growth
Even with the increased revenue, Wynn feels there’s potential for even more growth going forward as more people become vaccinated.
“It’s interesting to say that the second quarter could be a peak, but I think that’s very short-term thinking,” Maddox said. ”The second quarter is not a peak, it’s a preview of what’s to come.
“Clearly the Delta (coronavirus) variant is a little bit of a curveball right now, but that will be short-term and will subside. And what is clear is people want to have fun, they want to go to Las Vegas. And as we’ve seen, with conventions coming back, which is going to happen, and then more international players from around the world come back, we’re very confident that we will continue to see growth in our results in both Las Vegas and in Boston.”
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