Caesars is acquiring Wynn’s iGaming business in Michigan

Caesars Entertainment has entered into an agreement to take over the operation of WynnBET’s Michigan iGaming business and a long-term extension of iGaming market access rights with the Sault Ste. announced. Marie Tribe of Chippewa Indians. The acquisition will give Caesars access to the Sault Tribe’s iGaming skins, allowing it to operate additional digital brands in Michigan.

Existing WynnBET customers will be transitioned to Caesars’ Michigan iGaming platformsubject to official approvals. Wynn and Caesars will receive benefits in kindincluding deletion, reduction and assignment of certain contractual obligations relating to the business of both parties.

Matt Sunderland, SVP and Chief iGaming Officer for Caesars Entertainmentsaid: “As we continue to grow our iGaming franchise, Acquiring WynnBET’s iGaming operations in Michigan allows us to expand into a significant market and customer basewhich represents a significant step forward in expanding our digital products and offering players more ways to play.”

The Sault Tribe currently owns and operates Kewadin Casinos, which consists of five land-based casinos throughout Michigan’s Upper Peninsula. “We are honored to be partnered with the Sault Ste. to work together. Marie tribe the Chippewa Indians and look forward to growing with them in Michigan,” Sunderland added.

WynnBET’s iGaming operations provide Caesars with the opportunity to further expand into one of the largest iCasino markets in the United States while both Caesars Sportsbook and Caesars Palace Online Casino continue to operate.

Caesars plans to transition its WynnBET iCasino operations in Michigan later this year one of the flagship gaming brands in the Caesars portfolio. “Caesars is committed to a seamless transition and a best-in-class customer experience for existing WynnBET iGaming customers,” the casino operator said in a statement.

It was paramount that our next iGaming partner had both expertise in the US iGaming market and a history of strong partnerships in Indian Country. “We believe we have found this at Caesars and look forward to being part of their new iCasino offering,” said Austin Lowes, chairman of Sault Ste. Marie Tribe of Chippewa Indians.

The move comes as Wynn is reducing its presence in online gambling and sports betting. Wynn’s sports betting app is ceasing its online betting operations in several states. Last August, Wynn said there was a “higher and better use of capital” than “the ongoing need for outsized marketing spend through user acquisition and promotions in online sports betting.”

Financial terms of the Michigan transaction were not disclosed. The deal was announced a week after Wynn’s interactive division sold its New York sports betting license to Penn Entertainment for $25 million, paving the way for ESPN BET’s entry into the Empire State.

It was also announced alongside Caesars’ fourth-quarter and 2024 results. Caesars reported net sales of $2.83 billion for the fourth quarter of 2023, a slight increase from last year’s fourth quarter figure of $2.82 billion, but a decrease from third quarter revenue of $3 billion. In the meantime, Net sales for full-year 2023 were $11.5 billion, up from $10.8 billion in 2022.

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