LAS VEGAS (KSNV) — Wynn Resorts is spinning off its online gaming division in a partnership with a company founded by Vegas Golden Knights owner Bill Foley.
The companies announced Monday that Wynn Interactive will combine with Austerlitz Acquisition Corporation I to create an independent public company valued at about $3.2 billion.
Wynn Interactive is the home of Wynn Resorts' casino and sports betting mobile options, like WynnBET. The company says it had access opportunities in 15 states covering about 51% of the U.S. population.
"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," Wynn Resorts CEO Matt Maddox said in a press release.
"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 Maddox.
The two sides say the newly combined company will have added capital and expertise, part of its drive "to accelerate growth" and expand to new markets.
Austerlitz was registered specifically as a blank check company for the merger, according to regulatory filings.
"I am excited to be a partner and future owner of Wynn Interactive," Foley said. "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."
Shares of the new company, officially called Wynn Interactive, Ltd., will trade on NASDAQ under the ticker symbol "WBET."
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