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There are acquisitions, there are mergers, and then there is the spin-off.
That’s the plan for Wynn Resorts, Limited (NASDAQ: WYNN) and Austerlitz Acquisition Corporation I (NYSE: AUS.U), both of whom announced today that they are joining to form a new company, taking the Wynn Interactive gaming division (from Wynn Resorts) public as a separate entity.
The new company will be named Wynn Interactive, Ltd. and trade on the NYSE under the ticker symbol “WBET.”
The move is another sign that Wynn is going to be aggressive in its aims to become a de facto leader in gaming in North America. Matt Maddox, who is both CEO of Wynn Resorts and Chairman of Wynn Interactive, indicates that he believes the industry will produce “a $45 billion North American online sports betting and iGaming market…”
Going Solo
Wynn Resorts has long wished to spin-off Wynn Interactive as a standalone company. The deal is expected to pump money into Wynn Interactive via the Austerlitz group and a cadre of investors. Experts speculate that the new company will be valued at $3.2 billion at closing once they enter the NY Stock Exchange. The “spin-off” is expected to be completed by the end of 2021.
Wynn Interactive has established themselves as a leader in gaming with “a world-class collection of casino and sports betting mobile options for discerning players who understand the difference between placing a bet and experiencing a bet,” according to a statement released by Wynn Resorts this week.
The flagship product of Wynn Interactive is WynnBET, a mobile app currently available in the states of Colorado, Indiana, Michigan, New Jersey, Tennessee, and Virginia. It’s also the Authorized Gaming Operator of NASCAR, and has other exclusive partnerships with professional sports teams.
About Wynn Resorts
Wynn Resorts, Limited is based in Paradise, Nevada, and trades on the NYSE under “WYNN.” They own and operate the Wynn Las Vegas, as well as the Encore Las Vegas. Each property has earned Five-Star status from the 2020 Forbes Travel Guide Star Rating list. The Wynn Las Vegas and Encore are the two largest Five-Star rated resorts in the world. Wynn Resorts also owns Encore Boston Harbor, as well as three casino/resorts in Macau, China. Combined, Wynn Resorts has 22 Five-Star restaurants, casinos, or hotel/resorts in their portfolio, the most by any company in the world.
