Wynn Pulls Out of New Jersey Online Gambling Market
Wynn Interactive is pulling its application for a New Jersey online gambling license, according to multiple published reports.
The influential casino company, and its enigmatic leader Steve Wynn, were fairly quiet about what’s behind the withdrawal. In a letter to New Jersey Division of Gambling Enforcement (DGE) head, David Rebuck, Wynn attorneys said only:
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.
The DGE responded with a terse, legalistic note of its own saying:
[S]ubject to one condition, Wynn [will] be permitted to withdraw its application for initial licensure as a CSIE [Casino Service Industry Enterprise]; and the Director of the Division having considered his matter; It is ordered that the application of Wynn for initial licensure as a CSIE is withdrawn, subject to the condition that Wynn is financially responsible for the payment of any fees that remain due and owing to the Division.
It’s unlikely that Wynn is going to mind covering those licensing fees at this late juncture. After all, the company has already invested three year’s worth of legal work on the application process already. The bigger question now is, “Why did Wynn pull out?”
Though the company hasn’t made much in the way of official comments, gaming industry pundits are happily speculating on the situation.
One of the most popular, and likely, theories is that Steve Wynn was never really sold on New Jersey; online gambling; and especially wasn’t sold on New Jersey online gambling. The mega-successful casino magnate hasn’t had anything to do with NJ for years and has always been a bit reluctant to dip his toes in the igaming world anyways.
Though Wynn isn’t the largest gaming company in the United States, its departure marks another blow to an already beleaguered New Jersey gaming market.