November 12, 2021 Sports Betting, Casino, Legal

Wynn Resorts, Austerlitz I terminate merger plan

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Wynn Interactive was to combine with blank check company.

Wynn Resorts, Limited and Austerlitz Acquisition Corporation I on Friday said the companies have mutually agreed to terminate their previously announced agreement and plan of merger.

The proposed merger contemplated the combination of Austerlitz I and Wynn Interactive Ltd., a subsidiary of Wynn Resorts.

The termination is effective immediately, the parties said.

Austerlitz Acquisition Corporation I describes itself as a newly incorporated blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities.

“With our continued rollout of product features and planned new state launches, including New York, we remain excited about WynnBET’s future,” Craig Billings, CEO of Wynn Interactive, said in a statement. “As we discussed on the Wynn Resorts, Limited third quarter earnings conference call earlier this week, in light of elevated marketing and promotional spend in the sports betting industry, we are pivoting our user acquisition efforts to a more targeted ROI-focused strategy. In so doing, we expect the capital intensity of the business to decline meaningfully beginning in the first quarter of 2022.

“WynnBET’s best days lie ahead of us,” Billings added.

Wynn Resorts is traded on the Nasdaq Global Select Market under the ticker symbol WYNN and is part of the S&P 500 Index. Wynn Resorts owns and operates Wynn Las Vegas, Encore Boston Harbor, Wynn Macau, and Wynn Palace, Cotai.

Wynn and Encore Las Vegas (pictured) feature two hotel towers with a total of 4,748 hotel rooms, suites and villas, and approximately 194,000 square feet of casino space. Wynn Las Vegas also operates the recently redesigned Wynn Golf Club and 18-hole, 129-acre championship golf course, and a 430,000-square-foot meeting and convention space expansion powered by 100 percent renewable energy.

Encore Boston Harbor features a 210,000-square-foot casino, 671 hotel rooms, and is the largest private, single-phase development in the history of the Commonwealth of Massachusetts.

Wynn Macau is a hotel and casino resort located in the Macau Special Administrative Region of the People’s Republic of China with two hotel towers with a total of 1,010 rooms and suites, approximately 252,000 square feet of casino space.

Wynn Palace is an integrated resort in Macau. It has 1,706 rooms, suites and villas, and approximately 424,000 square feet of casino space

Wynn Interactive is the online gaming division of Wynn Resorts, and operates under the WynnBET, WynnSLOTS, and BetBull brands.

WynnBET is anchored by its eponymous mobile sports and casino betting app. It currently is available in Arizona, Colorado, Indiana, Michigan, New Jersey, Tennessee and Virginia, and says it is poised for rapid expansion with several pending license applications in process.

WynnBET is an approved sportsbook operator of the NFL, an authorized gaming operator of NASCAR, MLB and NBA, and marketing partner of several NFL, NBA and MLB teams.

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