Wynn Resorts, Limited (NASDAQ: WYNN) is to combine with Austerlitz Acquisition Corporation I (NYSE: AUS.U).
Austerlitz I will combine with Wynn Interactive Ltd., a subsidiary of Wynn Resorts, to create an independent public company. The proposed combination, which has been unanimously approved by the boards of directors of both companies, is expected to close by the end of 2021, subject to approval by Austerlitz I’s stockholders, gaming regulatory approval and other customary closing conditions.
Upon closing of the deal, the combined company will retain the “Wynn Interactive, Ltd.” name and relist its shares on the Nasdaq Stock Exchange under the new ticker symbol “WBET.”
The combined company is expected to have an enterprise value of approx. $3.2 billion at closing.
Led by Matt Maddox, Chairman, Wynn Interactive is the online gaming division of Wynn Resorts offering a collection of casino and sports betting mobile options to consumers across the U.S. and U.K. through its WynnBET, BetBull and WynnSLOTS brands.
WynnBET provides a mobile sports and casino betting app currently available in New Jersey, Colorado, Michigan, Virginia, Indiana, and Tennessee. It is expected to grow in 2021 with market access opportunities in nine states and several pending license applications in process. WynnBET is an Authorized Gaming Operator of NASCAR and partner of the Memphis Grizzlies and Detroit Pistons, with more partnerships to be announced.
BetBull creates a communal betting platform for the sportsbook experience.
Wynn Slots offers a library of high-quality slots games with 8,000,000 free coins along with daily rewards and bonuses.
Beyond Wynn Interactive, there also are other free slots no download sites where are where people can get experience in gambling.
The company currently has market access to 15 states covering approximately 51% of the U.S. population and expects to gain access to additional states in the near-term, resulting in its presence covering approximately 77% of the U.S. population.
The combination will provide Wynn Interactive with capital to grow beyond its current live operations in six U.S. states and scale in the online sports betting and iCasino markets, which are expected to grow at a 10-year CAGR of approx. 32% to $45 billion by 2030, partly triggered by legislative changes in the U.S. and Canada. The company plans to accelerate growth through customer acquisition initiatives, conducting a national marketing and branding campaign, with investment in mass media, partnerships, and product enhancements leveraging BetBull’s proprietary technology.
Following the closing of the combination, Matt Maddox will continue to serve as Chairman, Craig Billings will continue to serve as President and Executive Director, Wynn Interactive co-founder Sadok Kohen will continue to serve as CPO and Director, and Norbert Teufelberger and Ellen F. Whitemore will continue to serve as Directors. Additionally, William P. Foley, II intends to serve as a Director on the Board.
FinSMEs
17/05/2021