Caesars Entertainment announces the completion of the acquisition of WynnBet Michigan iGaming business.
The deal includes an extended long-term iGaming market access rights with the Sault Ste. Marie Tribe of Chippewa Indians.
Caesars will continue to operate the existing platform under the WynnBet brand, ensuring no disruption to customers.
The operator plans to transition WynnBet's iCasino business to a new brand under Caesars' Michigan iGaming platform after receiving regulatory approval, in the second half of 2024.
Eric Hession, President of Caesars Digital, stated: "Caesars Entertainment would like to thank the Sault Ste. Marie Tribe of Chippewa Indians and the Michigan Gaming Control Board for their cooperation in this process."
Earlier this year, Caesars Entertainment announced its financial results for the fourth quarter and the full year ending December 31, 2023. The company's GAAP net revenue for the fourth quarter was $2.83 billion, showing a slight increase from the previous year. Despite a net loss of $72 million in the fourth quarter, this was an improvement from the $148 million loss in the same period last year.
In addition to this acquisition, Caesars Sports Betting has launched legal mobile sports betting in North Carolina, operating on the Eastern Band of Cherokee Indians' tribal lands. Previously, Caesars Sports Betting entered the Kentucky sports betting market in September 2023.
In February 2024, WynnBet announced the decision to cease its sports betting operations in Massachusetts and several other states. This decision is part of WynnBet's ongoing review of its operations, including exiting the Michigan market, facilitating the recent acquisition by Caesars Entertainment.
