Caesars Entertainment Acquires WynnBet’s Michigan iGaming Operations
Caesars Entertainment has successfully completed the acquisition of WynnBet’s Michigan iGaming operations.
Caesars Entertainment takes over WynnBet’s Michigan iGaming Operations.
LISTEN TO THIS ARTICLE:This strategic move enhances Caesars' presence in the burgeoning online gaming market within the state. As part of the WynnBet Michigan acquisition, Caesars secured a long-term extension for iGaming market access rights with the Sault Ste. Marie Tribe of Chippewa Indians, ensuring continued collaboration and access to tribal gaming markets.
This acquisition not only strengthens Caesars' portfolio but also positions the company for future growth in the competitive iGaming sector. The partnership with the Sault Ste. Marie Tribe underscores Caesars' commitment to expanding its footprint in regulated online gaming markets.
Brand Transition Planned for H2 2024
To ensure a seamless experience for customers, Caesars will continue to operate on the current platform using the WynnBet brand. However, they plan to transition WynnBet’s iCasino operations to Caesars’ Michigan iGaming platform under a new brand in the latter half of 2024, pending regulatory approvals.
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.
Earlier this year, Caesars disclosed its financial results for the fourth quarter and full year ending December 31, 2023. The company reported a GAAP net revenue of $2.83 billion for Q4, a slight increase compared to the previous year. While there was a net loss of $72 million in Q4, this was an improvement from the $148 million loss in the same period the previous year.
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Caesars Launch in North Carolina
As well as this acquisition, Caesars Sportsbook has launched in North Carolina, operating on the tribal lands of the Eastern Band of Cherokee Indians. This launch came after Caesars’ entry into the Kentucky sports betting market in September 2023.
In February this year, WynnBet announced that it would be stopping sports wagering operations in Massachusetts and a number of other states. The decision was reached as part of WynnBet’s operational review, which is still ongoing, and the decision to leave the Michigan market, opening the doors to Caesars’ acquisition, was also made as part of this review.
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