Wynn Applies for License in Nevada
Wynn’s latest dance partner for the Nevada online poker ball is widely rumored to be Facebook social gaming site Zynga. The company which owes much of its success to its 30 million member poker application has softened its stance towards online gaming since becoming a publicly traded company. However, they have yet to apply for a gaming license in Nevada.
Wynn entered into a partnership with PokerStars more than a year ago to enter the online gaming scene. That partnership dissolved on Black Friday when PokerStars found itself in hot water with the U.S. Department of Justice.
The two other largest Las Vegas casino groups, Caesars Entertainment and MGM Resorts International, have had applications for an online poker license filed with Nevada for months now. Those companies have partnerships with online software providers 888 Holdings and bwin.party, respectively.
There are now more than 30 companies with applications submitted to operate an online poker room in Nevada. Last week, the Nevada Gaming Control Board unanimously recommended that Bally Technologies, International Game Technology and William Hill be approved for the state’s first iGaming licenses. Those companies must now pass the scrutiny of the Nevada Gaming Commission who will analyze and test their software products.
After reaching a record low in trading yesterday, the stock price of Zynga Inc (ZNGA) is up nearly 5% is early hours trading today. The stock price of Wynn Resorts, Limited (WYNN) seems mostly unaffected by news the company will seek to acquire a Nevada gaming license; its share price is down slightly to start the day of trading.
Nevada, which became the first U.S. state to legalize online poker, is widely considered the favorite to be the first to offer legal online games to U.S. residents. Industry experts believe real-money online poker could be open to residents of Nevada as early as the end of the year.
Affiliates: learn how to prepare for US regulation before legal iGaming sites go live.