Caesars Entertainment has closed a deal that bolsters the company’s iGaming business.
The entertainment and hospitality giant has closed its previously announced acquisition of WynnBet’s iGaming operations in Michigan. As part of the deal, Caesars has also extended an iGaming rights deal with the Salut Ste. Marie Tribe of Chippewa Indians.
“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,” said President of Caesars Digital Eric Hession in a statement.
Caesars will launch a new iGaming brand as part of its takeover in Michigan as it anticipates a full transition from WynnBet to Caesars in H2 2024 pending regulatory approvals. Caesars had previously solidified an iGaming presence in Michigan through its Caesars Casino and Caesars Palace Casino brands, which are currently live in the state.
Grand exit for WynnBet
Caesars’ takeover of WynnBet’s iGaming business in Michigan comes after a nationwide downsizing plan for the Wynn Resorts-owned gambling brand. Last August, WynnBet announced that it would be exiting eight of the 12 U.S. gaming markets it was licensed in.
The markets included Arizona, Colorado, Indiana, Louisiana, New Jersey, and others.
Earlier this year, WynnBet exited Massachusetts’ online sports betting market after submitting a leave request to the state’s Gaming Commission. WynnBet shuttered its online offerings in the Bay State but maintains a retail presence at Encore Boston Harbor.
WynnBet also agreed to offload its New York sports betting license to Penn Entertainment. PENN paid roughly $25 million for the license to launch ESPN Bet. WynnBet had launched online sports wagering in New York 2022 before exiting the Empire State two years later.
