BUSINESS

Wynn Interactive Pull Interest in the New Jersey Online Gambling Market

TAGs: DGE, Lee Davy, New Jersey, New Jersey Online Gambling, Steve Wynn, Wynn Interactive

Wynn Interactive has withdrawn their interest in obtaining an online gambling license, in the state of New Jersey; a move that has been approved by the Division of Gaming Enforcement.

Steve Wynn will not be pestering the life out of people in the back of New Jersey taxi cabs, after Wynn Interactive, a subsidiary of Wynn Resorts, withdrew their application for an online gambling license in the state.

Wynn Interactive Pull Interest in the New Jersey Online Gambling MarketIn a way it’s a news story about nothing. Wynn hasn’t owned Atlantic City brick and mortar since the launch of Tetris. In 1980, Wynn built The Golden Nugget – on the grave of The Strand Motel – and turned it into the most profitable casino on the boardwalk. He later sold it to Bally’s in 1987 for $440m. It would eventually find the name Atlantic Club Casino and was shut down in January of last year.

Without a land-based casino in Atlantic City, Wynn had no choice but to find a suitable tag team partner. That turned out to be Caesars Entertainment Corporation, but then the honeymoon turned sour before anyone had even gotten to first base.

Wynn, who very nearly got into bed with a post Black Friday PokerStars, had a change of heart. In his opinion, online gambling didn’t represent a great entrepreneurial opportunity. He started to take sides with anti-online gambling mouthpiece Sheldon Adelson, as the tried and tested pair muscled together in a bid to prevent their Las Vegas brick and mortar enterprises having their bottom line dented by online wizardry.

How could a suntanned and sunkissed Wynn continue to hold hands with an outfit, in Caesars, who is very pro online gambling? Wynn might not be as vocal as Adelson when it comes to the anti-online gambling battle, but his motives are very clear: protect castle Wynn at all costs.

A zillion press sources have indicated that Wynn Interactive sent word to the Division of Gaming Enforcement (DGE) on Sep 2. Here is the meat of that particular pie:

 “At this time, Wynn does not wish to proceed with its application. Therefore, kindly accept this correspondence as a formal request to withdraw such application.”

DGE Director David Rebuck quickly agreed to the withdrawal stipulating that Wynn Interactive remain ‘financially responsible for any fees that remain due and owing to the division.’

I’m sure Mr. Wynn can afford it.

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