Wynn Resorts. The company also launched Wynn Interactive in October 2020, in which it owns a 97% stake, partnering with BetBull, which it later acquired, to create an online sportsbook and online casino. Wynn almost sold Wynn Interactive to a SPAC in 2021, but it backed away from the deal in November 2021. Media reports in January 2022 indicated the company was again seeking a buyer. Former CEO Matt Maddox had said that the economics for online sports betting aren't favorable because competitors are spending too much on customer acquisition costs. In 2022, the company lost $98.5 million in adjusted property EBITDAR on Wynn Interactive after losing $267.4 million in 2021. However, it continues to aim at developing big luxury properties and recently announced plans for a resort near Dubai in 2026. Wynn's focus on underserved markets such as Dubai and the Boston area could pay off for investors down the road.
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