LAS VEGAS (KLAS) — Wynn Resorts, Limited is merging with Austerlitz Acquisition Corporation, a company owned and founded by Vegas Golden Knights owner Bill Foley. Wynn made the announcement about the definitive agreement under which Austerlitz will combine with Wynn Interactive Ltd. (“Wynn Interactive” or the “Company”), a subsidiary of Wynn Resorts, to create an independent public company.
“We are confident that this transaction will unlock the tremendous potential of Wynn Interactive to further accelerate growth and enable the business to capture the massive opportunity in North America. Bill Foley is the ideal partner to ensure continued success – his track record with business combinations, extensive experience growing marquee consumer brands and partnering to maximize value in businesses like ours will be invaluable as we continue scaling,” said Matt Maddox, CEO of Wynn Resorts and Chairman of Wynn Interactive.
Upon closing of the proposed transaction, 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.”
Wynn Interactive, the online gaming division of Wynn Resorts, offers 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. Wynn Interactive 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 footprint covering approximately 77% of the U.S. population.
“Wynn Interactive is rapidly establishing a leadership position in what will ultimately be a $45 billion North American online sports betting and iGaming market through our relentless focus on product features, user experience, and customer service. We look forward to working with Bill Foley and Austerlitz I to support Wynn Interactive’s long-term growth,” said Craig Billings, President and Executive Director of Wynn Interactive.
William P. Foley, II, Founder of Austerlitz I, commented, “I am excited to be a partner and future owner of Wynn Interactive. Wynn is the premier brand in gaming and luxury resorts and we believe our investment in Wynn Interactive fits the criteria for the type of company and management team with which we like to co-invest. I’m optimistic about the future of U.S. online casino gaming and sports betting and am confident in the ability of Matt and the Wynn Interactive team to execute the business plan and exceed their financial projections against what will be a massive addressable market.”
According to Wynn, the business combination will provide Wynn Interactive with additional capital and expertise to accelerate its vision as a standalone company.
The combined company is expected to have an enterprise value of approximately $3.2 billion at closing, representing 4.5x Wynn Interactive’s projected 2023 revenue.