Wynn Resorts and Bill Foley’s Austerlitz Acquisition I announced that the companies have mutually agreed to terminate their merger agreement involving online gaming company Wynn Interactive Ltd., 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.”
Announced in May, the deal valued the combined enterprise at $3.2 billion. Read more.
