Caesars Entertainment has completed the previously announced deal to acquire WynnBET’s iGaming market access in Michigan.
The largest casino-entertainment company in the U.S. said Tuesday that it has secured a long-term rights extension through the Sault Ste. Marie Tribe of Chippewa Indians to operate iGaming in the Wolverine State.
“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 Eric Hession, president of Caesars Digital.
The WynnBET platform will continue without anticipated interruption to customers for now, Caesars said. A transition to a new online casino brand is scheduled for the second half of 2024, pending regulatory approvals.
Expand the brands
Caesars first announced that it was acquiring WynnBET’s online U.S. casino business in February.
Caesars already operates its online and retail sportsbook as well as the Caesars Palace Online Casino platform in the Wolverine State, but the transaction, Caesars said, "further enhances our iCasino Net Revenue growth in an EBITDA accretive manner."
Caesars owns naming rights to several gambling brands under its umbrella like Horseshoe, Harrah’s, Tropicana, and Planet Hollywood, among others.
“It was paramount that our next partner in iGaming possessed both expertise in the U.S. iGaming market and a history of strong partnerships in Indian country," Austin Lowes, chairman of the Sault Ste. Marie Tribe of Chippewa Indians, said in February. "We believe we found that with Caesars and look forward to being part of their new iCasino offering.”
Big money
Michigan is one of three states, along with Pennsylvania and New Jersey, to have produced at least $5 billion all-time in iGaming revenue.
Online casinos in Wolverine State combined to make $198.6 million, the second-most ever in Michigan. Caesars claimed $11.8 million of revenue, good enough for fifth behind BetMGM, FanDuel, DraftKings, and BetRivers.
WynnBET accounted for $2.6 million in May. If the two operators’ latest monthly figures were combined, they would’ve finished fourth in the Wolverine State.
