Wynn To List Online Gambling Business
Wynn Resorts is to spin off its online gambling business using a blank-check company that will see the Las Vegas operator retain some 58% of the listed company.
Valued at $3.2 billion, Austerlitz Acquisition Corp. the company to which will be used to float the new entity will bring some $640 million investment for Wynn Interactive that will trade on the Nasdaq Stock Market as WBET.
The move to use a blank-check business to be able to list on the stock market has become more popular this year and with the move Wynn saw its stock value rise 3.1% on the announcement.
Chief Executive Officer Matt Maddox said on the move: “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 forecast that their online betting business will see revenues of $708 million from 2023 which is based on a 5% to 7% share of the current US market, currently the business revenues for the online betting business stands at $100 million.
