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11/12/2021

Wynn Resorts and Austerlitz Acquisition Corporation I Mutually Agree to Terminate Wynn Interactive Business Combination Agreement

The termination is effective immediately.
Michal Christine Escobar
Senior Editor (Hotels)
Michal Christine  Escobar  profile picture

Wynn Resorts, Limited (“Wynn Resorts”) and Austerlitz Acquisition Corporation I (“Austerlitz I”) today announced that the companies have mutually agreed to terminate their previously announced agreement and plan of merger, which contemplated the combination of Austerlitz I and Wynn Interactive Ltd. (“Wynn Interactive”), a subsidiary of Wynn Resorts. The termination is effective immediately.

Craig Billings, CEO of Wynn Interactive, stated, “With our continued roll out of product features and planned new state launches, including New York, we remain excited about WynnBET’s future. As we discussed on the Wynn Resorts, Limited third quarter earnings conference call earlier this week, in light of elevated marketing and promotional spend in the sports betting industry, we are pivoting our user acquisition efforts to a more targeted ROI-focused strategy. In so doing, we expect the capital intensity of the business to decline meaningfully beginning in the first quarter of 2022. WynnBET’s best days lie ahead of us.”