Caesars Entertainment has announced the completion of its acquisition of WynnBet's Michigan iGaming operations.
The transaction includes a long-term extension of iGaming market access rights with the Sault Ste Marie Tribe of Chippewa Indians.
Caesars will maintain operations on the existing platform under the WynnBet brand, ensuring no interruption for customers.
The operator plans to transition WynnBet’s iCasino operations to Caesars’ Michigan iGaming platform under a new brand in the second half of 2024, pending regulatory approvals.
Eric Hession, Caesars Digital President, commented: “Caesars Entertainment would like to thank the Sault Ste Marie Tribe of Chippewa Indians and the Michigan Gaming Control Board for their collaboration through this process.”
Earlier this year, Caesars reported its financial performance for the fourth quarter and full year ending 31 December 2023. The company recorded GAAP net revenue of $2.83bn for Q4, a marginal increase from the previous year. Despite a net loss of $72m for Q4, this marked an improvement from the $148m loss in the same period the previous year.
In addition to this acquisition, Caesars Sportsbook launched legal mobile sports betting in North Carolina, operating on tribal lands of the Eastern Band of Cherokee Indians. This launch followed Caesars' entry into the Kentucky sports betting market in September 2023.
In February 2024, WynnBet announced its decision to cease sports wagering operations in Massachusetts and several other states. This decision is part of WynnBet’s ongoing review of its operations, which included its exit from the Michigan market, facilitating Caesars' recent acquisition.
