Wynn Resorts loses bid to partner with Sinclair: Source

Wynn Resorts has just lost a bid to gain a foothold in the fast-growing TV sports gambling sector. Some insiders fear that it was the casino empire’s biggest and last chance.

Las Vegas-based Win has been struggling since millionaire founder Steve Win left the company in 2018 amid a flood of allegations of sexual misconduct, but this week at Barry’s Casino He was one of the losing bidders as the chain won a media partnership agreement with the Sinclair Broadcast Group. , Post learned.

As The Post first reported, on Wednesday Bally’s and Sinclair signed an agreement to rename Sinclair’s 21 regional sports TV networks (now the Fox Sports brand) that Sinclair acquired from Fox last year to Bally Sports.

Barry’s, which owns the Barry’s Atlantic City Hotel & Casino, will pay Sinclair $ 85 million over a decade for naming rights and will have exclusive access to fans of 42 major teams, including Arizona Diamondbacks, Tampa Bay Rays and Kansas. will do so. City Royals. The goal is ultimately to allow viewers to bet on games directly from the TV using Barry’s online gaming tools.

Barry’s recently won the partnership after bidding on the top of a rival proposal from Win, who was pushing hard for a partnership with Sinclair, according to sources close to the deal. At least one other unsuccessful bidder also lost the deal, sources said.

Some insiders speculated that Win might have lost because a storm of allegations against the 78-year-old founder hurt Win’s brand and dim the prospects for a successful marketing partnership. However, sources close to the negotiations denied that it was a factor in the process.

Sinclair declined to comment. Win didn’t answer the phone.

Barry shares surged 21% on Thursday and rose another 31% on Friday to close at $ 48.40 after the deal was announced. Meanwhile, Win’s share price fell nearly 3% on Thursday and Friday. This was the worst performance of the casino sector since the beginning of the year, 34% off, as the pandemic devastated the tourism industry. By comparison, billionaire Sheldon Adelson’s Las Vegas Sands stake is 19% off and MGM Resort is 21% off.

Barry’s wounds as a rival over the past year have been busy influencing many television broadcasting partnerships.

Last month, Caesars Entertainment unveiled its first NFL team sponsorship in a deal with Indianapolis Colts after becoming the official NFL casino sponsor last year. Caesars offers betting opportunities through the Indianapolis Colts app, and its own betting app is integrated with Colts Marketing. Caesars also has a contract to link ESPN’s digital platform to sports betting sites. Caesars share is up 10% this year.

Meanwhile, MGM has partnerships with MLB, the NBA, and game partner NHL. The MGM can now use the official league data and branding to improve its online betting platform, and the league will promote MGM throughout the site. In January, Penn National Gaming bought a 36% stake in Barthtool Sports, and the two advertised each other.

“I think Sinclair was the last big trophy media award out there,” a game analyst demanding anonymity told Post.

In its earnings announcement this month, Win executives said the company’s online gambling unit, Win Interactive, has made significant strides. The subsidiary has just launched online sports and games in New Jersey and is applying for licenses in Tennessee and Virginia. Last year, he bought a stake in BetBull, a European digital sports betting business.

“I think it was early for Win,” said David Katz, managing director of Jeffreys. “They are trying to open up the industry for themselves with digital games. It’s true that almost every operator wants to be there. It’s still an open issue to the extent that it becomes Win’s revenue driver. is.”

Still, when it comes to digital games, Katz adds, “you need to’get big or go home.'”

In a presentation to investors Thursday, Barry’s forecasts that the U.S. online sports betting market will grow to $ 2.6 billion overall this year, to $ 12 billion by 2025 and $ 50 billion at maturity. I am.

According to Barrys, interest in sports betting is highest in the youngest demographics. According to Barrys, 63% of sports fans between the ages of 25 and 34 were interested in betting, compared to 35% of sports fans over the age of 65.

Wynn Resorts loses bid to partner with Sinclair: Source

Source link Wynn Resorts loses bid to partner with Sinclair: Source

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