Craig Billings, the CEO of Wynn Resorts debunked the ongoing discussion about whether online casinos are harmful to their counterparts. He addressed the apprehensions surrounding the expansion of internet-based gambling and its potential impact on traditional gaming venues in a thoughtful reflection he shared on LinkedIn.
Billings claimed a point of neutrality due to the strategic withdrawal of Wynn from the iGaming and online sports betting sectors. Along with the company’s minimal presence in the arena of regional casinos. Just a solitary establishment recognized as a regional venue which is the Encore Boston Harbor. In its class, this is a top revenue generator.
As Billings meditated on the subject, he acknowledged that the potential effects of online casinos on land-based operations merit serious consideration. However, he coped up that the narrative is not a one-size-fits all scenario. Billings argued that with the advent of online gambling, they introduce an array of fresh and adept competitors into states where the competitive environment has been long established and stable. The assumption that all regional casinos will feel the impact of iGaming in the same way, regardless if it is positive or negative is naive.
Billings recognizes the fixation on the TAM or total addressable market and tax revenues in the iGaming debate as short-sighted. This is with over eight years at Wynn and a career spanning more than two decades in the gambling industry. It’s important to note that only a few selected states have legalized digital gambling, despite the gaming industry heralding online casinos as the next major growth avenue. These states are Connecticut, Delaware, Michigan, New Jersey, Pennsylvania, Rhode Island, and West Virginia.
In contrast, Billings points out that the United States is home to around 1, 000 commercial and tribal casinos. But only 10%-15% of these have developed a strategy that spans both the physical and online gambling platforms, including sports betting.
