Wynn Resorts Enters The Internet Casino Race In New Jersey
Wynn Resorts owner and founder Steve Wynn has been one of the most vocal voices in pushing for Internet gambling regulations around the US. Wynn's gaming empire includes top casino resorts not only in the US, but also in gaming mecca Macau.
Now, Wynn Resorts is ready to bring their brand to the Internet, and they are targeting the latest state to regulate online gambling. On Thursday, Wynn announced that they have submitted an application for an Internet gaming license in New Jersey.
The application process in New Jersey has been smooth, with over 25 companies applying for the valuable certificates. Wynn, it would seem, would have the inside track with their track record of operating some of the most well-recognized casinos in the world.
"It comes as no surprise that Wynn Resorts has applied for an Internet license in New Jersey," said analyst Trevor Cambs. "Steve Wynn has been a proponent of Internet gambling, and has been at the forefront of some of the most historic developments within the gaming industry. This is just the next step for the company to continue their dominance within the industry."
The New Jersey application is considered by some to be a reach for Wynn Resorts. Regulators have already said that gaming owners operating casinos in Atlantic City will have the first opportunity to receive Internet gaming licenses. Wynn Resorts does not have any casino facilities in New Jersey.
While Nevada and Delaware have also regulated online gambling in recent years, New Jersey is predicted to be the crown jewel within the industry. Analysts have predicted that New Jersey online casinos could generate up to $1 billion each year. In comparison, the estimated revenue from Nevada online casinos is just shorty of $250 million.
"In Nevada, much of their gaming business comes from travelers visiting Las Vegas," said Cambs. "There is not as big a market for online casinos as there is in New Jersey. The key to how much revenue is generated could lie in how these states work together to share customers."
Federal law prohibits Internet gambling to cross state lines, but New Jersey and Nevada have included laws in their gaming regulations that leaves the door open for the two states to eventually work together and share customers. Federal lawmakers are also busy working on legislation that would regulate Internet gambling on a national level.