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Wynn Resorts' Online Gambling Platform Is Going Public via SPAC

·2 min read
Wynn Resorts' Online Gambling Platform Is Going Public via SPAC
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Wynn Resorts (NASDAQ: WYNN) announced Monday it was jumping into the online gambling spinoff game by merging its online betting platform Wynn Interactive with Austerlitz Acquisition Corp I (NYSE: AUS), a special purpose acquisition company, or SPAC. The casino operator will retain 58% ownership of the gambling platform and will have 70% of the voting rights, so it will be a fully controlled subsidiary of Wynn Resorts. Wynn Interactive, which it will continue to be called following the merger, offers both casino games and sports betting through its WynnBET, BetBull and WynnSLOTS brands.