Steven Wynn’s former company celebrates victory on the Massachusetts Gambling Board. The company’s new Massachusetts casino will open in late June.
Now, Wynn Resorts is considering going online and looking to expand its resources on the east coast.
Online gambling in New Jersey
The New Jersey legislature passed a bill in 2013 that allowed online gambling for New Jersey residents 21 years of age and older. New Jersey only allows gambling in Atlantic City. The law stipulated that the servers for online slots had to be in Atlantic City. Lawmakers agreed to try out online casino games for 10 years. There were also other provisions. Online gambling licenses are restricted by law to the 11 current casinos in Atlantic City. There is a 15% tax on online gaming revenue, almost double that of casinos.
The online casino market is booming in New Jersey. In fact, the combined total monthly online casino revenue is more than three Atlantic City casinos combined.
Wynn Resorts, the brainchild of gaming genius Steve Wynn, once had properties on the East Coast. However, Wynn sold all of his interest in the game and his father’s bingo halls. That money was his stake when he moved to Las Vegas in the late 1960s. Wynn made billions of dollars retooling and redesigning the Las Vegas Strip. He has also built some of the city’s most luxurious resorts. Wynn was also one of the first entrepreneurs to see the potential of the Asian market. He was one of the first casino owners to make a deal with the Chinese government to build casinos in Macau. The company now has three casinos on the peninsula.
However, Steve Wynn is no longer with the company. He resigned from his post as chairman of the board. He also sold all of his inventory. His ex-wife is now the main shareholder. Wynn had no choice but to resign after allegations of sexual assault and sexual harassment surfaced.
Wynn’s Move Back East
The state of Massachusetts has approved the huge Wynn Resorts casino in Everett, near Boston. The company plans to open the casino before the July 4th holiday.
Executives at Wynn Resort have said the company is keen to enter the online gambling business. It announced a partnership with Electronic Arts (EA), one of the country’s leading video game makers. Electronic Arts has been a major player in the field of online gaming for several years. Wynn wants EA to design an online gaming platform.
Wynn Resorts does not have a casino in New Jersey. New Jersey law requires online casino platforms to have a partnership with an existing casino. Therefore, the company said it will be looking for one. The company will also need to host servers in Atlantic City to comply with New Jersey law.
Wynn Resort’s plans for its online gaming platform have a few wrinkles. First, the casino will have some pretty fierce competition. There could be as many as 25 online casinos or sportsbooks as the 2019 NFL season opens. In addition, the federal government and 16 states are currently fighting over the Federal Wire Act. The government said the law made online gambling illegal. However, the states have stated that the federal government has no right to interfere in their trade. States say they have the right to gamble online if it takes place within their borders.
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