Caesars completes WynnBET Michigan operations acquisition
Las Vegas giant to expand presence in Great Lake state, with plans to bring new online casino brand alongside Caesars Sportsbook and Caesars Palace Online Casino
Caesars Entertainment has completed the acquisition of WynnBET’s Michgian igaming operations to expand its US presence.
The deal, which will also see Caesars secure a long-term extension of the market-access agreement with the Sault Ste. Marie Tribe of Chippewa Indians, was first announced in February.
Caesars said that in the immediate future, operations would continue to run under the WynnBET banner and on the existing platform.
The Las Vegas-based group confirmed it plans to announce a new online casino brand and the transition to its in-house tech stack in H2, pending regulatory approvals.
The firm added the transaction would enhance the group’s online casino net revenue growth in an “EBITDA accretive manner.”
The move will see Caesars add to its existing presence in Michigan, with the Caesars Sportsbook and Caesars Palace Online Casino already live in the Great Lake State.
Total online handle for all licensed operators in Michigan in May landed at $343.7m.
Eric Hession, Caesars Digital president, gave a brief comment alongside the news of the completion of the deal.
He said: “Caesars Entertainment would like to thank the Sault Ste. Marie Tribe of Chippewa Indians and the Michigan Gaming Control Board for their collaboration through this process.”
When the deal was first announced in February, Caesars EVP and chief igaming officer Matt Sunderland said: “As we continue to grow our igaming franchise, the assumption of WynnBET’s igaming operations in Michigan allows us to tap into a significant market and customer base, providing a crucial step forward in growing our digital products and offering players more ways to play.
“We are honored to work with the Sault Ste. Marie Tribe of Chippewa Indians and look forward to growing with them in Michigan.”
The completion of the deal also marks the gradual pulling out of the digital US space by Wynn, after the firm sold its New York sports betting license to PENN Entertainment for $25m.