Wynn Interactive enters into agreement with Austerlitz Acquisition Corporation I
Wynn Resorts and Austerlitz Acquisition Corporation I have entered into a definitive agreement, under which Austerlitz I will combine with Wynn Interactive Ltd., a subsidiary of Wynn Resorts, to create an independent public company.
The combined company will retain the name Wynn Interactive Ltd., and is expected to have an enterprise value of approximately $3.2bn at closing. The total represents 4.5x Wynn Interactive’s projected 2023 revenue. The company will name and relist its shares on the Nasdaq Stock Exchange under the ticker symbol WBET.
“I am excited to be a partner and future owner of Wynn Interactive,” said Austerlitz I Founder William P. Foley, II. “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 US 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.”
Wynn Interactive, the online gaming division of Wynn Resorts, offers a range of casino and sports betting mobile options through its WynnBET, BetBull and WynnSLOTS brands. The company currently has access to 15 US states, covering approximately 51% of the population.
Matt Maddox, CEO of Wynn Resorts and Chairman of Wynn Interactive, commented: “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.”
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