{"id":173237,"date":"2021-05-10T15:41:14","date_gmt":"2021-05-10T22:41:14","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=173237"},"modified":"2021-06-23T01:44:30","modified_gmt":"2021-06-23T08:44:30","slug":"wynn-interactive-going-public-in-spac-merger-with-austerlitz-acquisition","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/wynn-interactive-going-public-in-spac-merger-with-austerlitz-acquisition\/","title":{"rendered":"Wynn Interactive Going Public in Deal with Foley SPAC Austerlitz Acquisition"},"content":{"rendered":"

Wynn Resorts (NASDAQ:WYNN) said today it’s entering an agreement with special purpose acquisition company (SPAC) Austerlitz Acquisition Corp. I (NYSE:AUS) to bring the gaming operator’s interactive unit public.<\/p>\n

\"Wynn
Financier Bill Foley. His Austerlitz Acquisition is merging with Wynn Interactive. (Image: Bloomberg<\/em>)<\/figcaption><\/figure>\n

In a deal with estimated post-transaction enterprise value of $3.2 billion, Wynn Interactive will merge with the blank-check company, eventually becoming a standalone entity listed on the Nasdaq Stock Exchange under \u201cWBET.\u201d Austerlitz is controlled by Las Vegas Golden Nights owner Bill Foley.<\/p>\n

Wynn Interactive currently has market access to 15 states covering approximately 51 percent of the US population, and expects to gain access to additional states in the near-term, resulting in its footprint covering approximately 77 percent of the US population,\u201d according to a statement issued by the Encore operator.<\/p><\/blockquote>\n

Under the terms of the deal, current shareholders of Wynn Interactive will own 79 percent of the company, including 58 percent held by Wynn Resorts. The transaction includes approximately $640 million of cash from Austerlitz.<\/strong><\/p>\n

Wynn made the announcement on the same day it delivered first-quarter results — numbers that missed Wall Street expectations. The company reported a loss of $2.53 a share on the basis of generally accepted accounting principles (GAAP), with revenue of $725.78 million. Analysts expected a loss of $2.11 on sales of $759.25 million. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) checked in at $58.9 million, well below the consensus estimate of $82.3 million.<\/p>\n

Shares of Wynn are slightly higher in Monday’s after-hours session, while Austerlitz is up nearly three percent. It’s common for blank-check names to rally on deal announcements<\/a>, because those entities face two-year time lines to execute mergers amid fierce competition to get transactions done.<\/p>\n

Foley Making Good on Promise<\/h2>\n

Foley’s no stranger to the SPAC game. Last year, his Foley Trasimene Acquisition Corp. II revealed plans to merge with fintech company Paysafe Group Holdings Ltd. in a $9 billion transaction.<\/p>\n

\n

Late last year, Foley made clear he harbored iGaming ambitions<\/a> and was looking to enter the fast-growing industry in dominant fashion. He’s right to want in on internet casinos. Though estimates vary wildly regarding how large the segment will eventually be, it’s clear it will be significantly bigger than it is today. Goldman Sachs recently said the North American online casino market is worth $1.9 billion today, but that figure will vault to $14 billion in 2033<\/a>.<\/p>\n<\/div>\n

In the statement, Wynn CFO Craig Billings said the company is eyeing \u201cwhat will ultimately be a $45 billion North American online sports betting and iGaming market<\/a>.\u201d<\/p>\n

Wynn Interactive is currently live in six states and has been notching a series of agreements and smaller deals aimed<\/a> at bolstering its online casinos and sports wagering footprints.<\/p>\n

Gaming SPAC Activity Heating Up Again<\/h2>\n

While off the pace seen last year due in part to a cooling in broader blank-check activity, there are again signs of life in the gaming\/SPAC arena.<\/p>\n

In addition to the Wynn Interactive announcement, Betway parent Super Group said it’s merging with Sports Entertainment Acquisition Corp. (NYSE:SEAH), while Sportradar and Horizon Acquisition Corp. II (NYSE: HZON) are reportedly considering extending talks<\/a> to bring that much-anticipated deal home.<\/strong><\/p>\n

As for Wynn, it’s following a template<\/a> previously laid out by other casino operators that monetized iGaming units by taking those businesses public through blank-check mergers.<\/p>\n

The Wynn Interactive transaction is slated to close by the end of this year.<\/p>\n","protected":false},"excerpt":{"rendered":"

Wynn Resorts (NASDAQ:WYNN) said today it’s entering an agreement with special purpose acquisition company (SPAC) Austerlitz Acquisition Corp. I (NYSE:AUS) to bring the gaming operator’s interactive unit public. In a deal with estimated post-transaction enterprise value of $3.2 billion, Wynn Interactive will merge with the blank-check company, eventually becoming a standalone entity listed on the […]<\/p>\n","protected":false},"author":46,"featured_media":173239,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[19,32093],"tags":[],"acf":[],"yoast_head":"\nWynn Interactive Going Public in SPAC Merger with Austerlitz Acquisition<\/title>\n<meta name=\"description\" content=\"Wynn Interactive is latest online gaming company to pursue a SPAC deal, agreeing to merge with Austerlitz Acquisition.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/wynn-interactive-going-public-in-spac-merger-with-austerlitz-acquisition\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wynn Interactive Going Public in SPAC Merger with Austerlitz Acquisition\" \/>\n<meta property=\"og:description\" content=\"Wynn Interactive is latest online gaming company to pursue a SPAC deal, agreeing to merge with Austerlitz Acquisition.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/wynn-interactive-going-public-in-spac-merger-with-austerlitz-acquisition\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2021-05-10T22:41:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-06-23T08:44:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/05\/foley.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"737\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/wynn-interactive-going-public-in-spac-merger-with-austerlitz-acquisition\/\",\"url\":\"https:\/\/www.casino.org\/news\/wynn-interactive-going-public-in-spac-merger-with-austerlitz-acquisition\/\",\"name\":\"Wynn Interactive Going Public in SPAC Merger with Austerlitz Acquisition\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-interactive-going-public-in-spac-merger-with-austerlitz-acquisition\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-interactive-going-public-in-spac-merger-with-austerlitz-acquisition\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/05\/foley.jpg\",\"datePublished\":\"2021-05-10T22:41:14+00:00\",\"dateModified\":\"2021-06-23T08:44:30+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Wynn Interactive is latest online gaming company to pursue a SPAC deal, agreeing to merge with Austerlitz Acquisition.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-interactive-going-public-in-spac-merger-with-austerlitz-acquisition\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/wynn-interactive-going-public-in-spac-merger-with-austerlitz-acquisition\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/wynn-interactive-going-public-in-spac-merger-with-austerlitz-acquisition\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/05\/foley.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/05\/foley.jpg\",\"width\":1000,\"height\":737,\"caption\":\"Financier Bill Foley. 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