Press release
Wynn Interactive to Become Independent Public Company Through Combination With Austerlitz Acquisition Corporation I
Wynn Interactive is delivering one-of-a-kind digital gaming experiences to mobile users through proprietary, differentiated technology Combined company
About this update from Wynn Resorts, Limited
[{"type":"text","content":"\nWynn Interactive is delivering one-of-a-kind digital gaming experiences to mobile users through proprietary, differentiated technology \n\nCombined company expected to have post-transaction enterprise value of approximately $3.2 billion\n\nBusiness combination includes approximately $640 million of cash proceeds from Austerlitz Acquisition Corp I, led and founded by William P. Foley II, to help fuel growth \n\nCannae Holdings, Inc. has agreed to fully backstop share redemptions, assuring availability of cash proceeds at closing\n\nCurrent shareholders of Wynn Interactive will retain approximately 79% of the combined Company, including 58% to be held by Wynn Resorts, Ltd.\n\n LAS VEGAS--(BUSINESS WIRE)--\nWynn Resorts, Limited (NASDAQ: WYNN) (“Wynn Resorts”) and Austerlitz Acquisition Corporation I (NYSE: AUS.U) (“Austerlitz I”) today announced that they have entered into a definitive agreement under which Austerlitz I will combine with Wynn Interactive Ltd. (“Wynn Interactive” or the “Company”), a subsidiary of Wynn Resorts, to create an independent public company. Upon closing of the proposed transaction, the combined company will retain the “Wynn Interactive, Ltd.” name and relist its shares on the Nasdaq Stock Exchange under the new ticker symbol “WBET.”\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210510005887/en/\nWynn Interactive, the online gaming division of Wynn Resorts, offers a world-class collection of casino and sports betting mobile options to consumers across the U.S. and U.K. through its WynnBET, BetBull and WynnSLOTS brands. The Company delivers one-of-a-kind experiences in digital gaming that drive enhanced user acquisition and retention through unique social betting mechanics, a proprietary tech stack and high-quality user interface. Wynn Interactive currently has market access to 15 states covering approximately 51% of the U.S. population and expects to gain access to additional states in the near-term, resulting in its footprint covering approximately 77% of the U.S. population.\n\n“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 – ...