Tuesday February 4,2014 : WYNN RESORTS SECURES ONLINE GAMBLING APPROVAL FOR NEW JERSEY
Steve Wynn keeps everyone off balance with flip-flop tactics on internet gambling.
Land casino magnate Steve Wynn's shock declaration over the weekend that he supported Sheldon Adelson's drive against legalised online gambling continued to puzzle industry observers Monday as the New Jersey Division for Gaming Enforcement confirmed that New Jersey internet gambling approval had been given to his Wynn Interactive company.
The Associated Press news agency noted that Wynn is subject to changes of mind, a characteristic that online gambling analysts are finding to be true as the owner of Wynn Resorts flip-flops on whether he is for or against online gambling; on the one hand appearing to support Adelson's vehemently anti-online gambling thinking, whilst on the other applying for New Jersey licensing.
The unenviable job of presenting a rational corporate front on these inconsistencies was tackled by Wynn spokesman Michael Weaver this week, who told AP that the company may have secured approval, but that its implementation plans are "on hold" as the company "studies the market"…something one would assume had already been done before entering into partnerships and applying for licensing.
In responding to AP questions on the licence approval, the Wynn spokesman quoted an interview Wynn gave to Las Vegas journalist Jon Ralston over the weekend in which the land casino mogul said Internet gambling "is not a good entrepreneurial opportunity."
But in the same interview, Wynn held out the possibility he could change his mind.
On Monday, Weaver said Wynn is not rushing to go online in New Jersey.
"As Mr. Wynn said this weekend, online gaming does not appear to be a good entrepreneurial opportunity," Weaver told The Associated Press. "Consequently, our plans are on hold until we understand the business opportunity."
The DGE's approval grants authority to Wynn Interactive to conduct Internet gambling with partner Caesars Interactive. The division also granted a request by Wynn and Caesars Interactive to conduct Internet gambling operations with the All American Poker Network and 888 Atlantic Limited, an affiliate of a Gibraltar-based online betting firm.
The approval of so-called transactional waivers for Wynn enables the company to offer Internet gambling with Caesars Interactive, which has two of New Jersey's Internet gambling permits.
Seth Palansky, a Caesars spokesman, said: "We are allowing them to use one of our permits. I'm not aware of if they are going live, or when."