Deals

Wynn to Take Online-Betting Business Public in SPAC Merger

Deal brings Las Vegas giant $640 million in new cash
Venture currently offers online wagers in six states

The Wynn Resorts Hotel and Casino in Las Vegas, Nevada.
Photographer: Ronda Churchill/Bloomberg

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By Christopher Palmeri

May 10, 2021 at 8:49 PM UTC

Updated on

May 10, 2021 at 11:23 PM UTC

Wynn Resorts Ltd. is taking its nascent online-betting business public by merging it with a special purpose acquisition company, the latest in a line of such casino-industry deals.

The Las Vegas-based gambling giant said Monday it will merge its online operations with Austerlitz Acquisition Corp. I, a blank-check company created by title-insurance magnate William P. Foley II. Wynn will retain 58% of the business, which as a whole will be valued at $3.2 billion.