Wynn Resorts recently announced that Wynn Interactive, its sports betting and iGaming subsidiary, will soon become its own, independent company. The spinoff comes following a merger between Wynn and Austerlitz Acquisition Corp.
Matt Maddox is the CEO of Wynn Resorts. He offered comments on the corporate 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,” he said.
Wynn Interactive received an influx of $640 million in cash from Austerlitz as a result of the merger. The combined value of the merged companies is now expected to be $3.2 billion. Wynn Resorts will control 58% of the company.
(All information was provided by Legal Sports Report)