Wynn Interactive Open to Mergers and Acquisitions in Online Casino Space sherlock 1. September 2021 | UPDATED ON: 1. September 2021 Post Views: 125 Just ahead of the debut of Wynn Interactive as a public company, the CEO, Craig Billings, in an interview with Bloomberg has stated that Wynn Interactive is not averse to mergers and acquisition opportunities and deals in the sports wagering and online casino spaces are welcome with respect to Wynn Resorts that trades on the NASDAQ under the symbol “WYNN”. Rationale behind de-SPAC CEO, Craig Billings stated that there was an open-mindedness regarding mergers and acquisitions and further stated that the intent behind entering into the de-SPAC transaction with a special purpose acquisition company (SPAC) named Austerlitz, trading on the NYSE under the symbol “AUS” in May 2021 was to allow investors access the interactive business of Wynn Interactive and the creation of a distinctive public currency that would allow investors such access. CEO, Craig Billings stated that a by-product of the creation of public currency is that transaction ability is formed and he was adopting a wait and watch approach as regards how the market would develop. Why a merger and acquisition would be considered A merger and acquisition deal would be valued at a post-transaction value of approximately $3.2 billion in which Wynn Interactive will merge with the company and the resulting entity would be listed on the NASDAQ stock exchange under the symbol “WBET”. Bill Foley, owner of the Las Vegas Golden Knights controls Austerlitz. The buzz in the mergers and acquisitions space is that Wynn Interactive is a financially strong and viable de-SPAC company. Cannae Holdings that trades on the NYSE under the symbol “CNNE” and is owned by Bill Foley is backstopping share redemptions and this means that there will be $640 million in cash available at the disposal of the combined entity to fund the growth and operational requirements. With whom will the merger occur CEO, Craig Billings made no specifics known as regards the takeover targets that would be pursued by Wynn Interactive but there are some targets that could be acquired in the iGaming and sports betting industries. Score Media and Gaming that is listed on the NASDAQ under the symbol “SCR” is being acquired by Penn Gaming that trades on the NASDAQ under the symbol “PENN” for $2 billion in equity and cash. Golden Nugget Online Gaming, owned by Tilman Fertitta that trades on the NASDAQ under the symbol “GNOG” is being acquired for $1.56 billion in stock by DraftKings that trades on the NASDAQ under the symbol “DKNG”. Benefits of the merger and acquisition Wynn Interactive has been a late entrant in the domestic sports betting market and a deal could help in staying up to speed with the competitors and helping garner market share. Wynn Interactive can benefit greatly because the domestic sports betting market is still in the first or second inning as per CEO, Craig Billings. CEO, Craig Billings further went on to say that the gross gaming revenue per year (GGR) is at $5 billion and is expected to rise to $40 billion and more by 2030. About sherlock Sherlock Gomes loves to write and express his views on anything related to Gaming, Gambling, & Casino. He has been covering Gaming for more than two years now. View all posts by sherlock →