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Caesars Entertainment is taking the Michigan online gaming scene by storm with a dynamic two-pronged strategy. In a dazzling move, they’re set to acquire WynnBET’s online gambling business in Michigan while securing a long-term extension of igaming market access rights with the Sault Ste. Marie Tribe of Chippewa Indians.
This strategic dance with the Sault Tribe allows Caesars to launch a variety of online gambling brands across the state, amplifying their digital presence. As part of the deal, existing WynnBET patrons are in for an exciting ride, transitioning seamlessly to Caesars’ Michigan-licensed iGaming platform once regulatory approvals are in place.
Caesars, in a vibrant affirmation of their commitment, pledges a smooth transition and a premium experience for WynnBET’s current iGaming enthusiasts. The anticipation builds, with Caesars promising more details on their groundbreaking online casino offering in the near future.
Wynn Resorts, the visionary parent company of WynnBET and Caesars, will be rewarded with non-cash considerations as part of this transaction, including extinguished obligations and reductions in certain contractual ties, ensuring a win-win scenario.
This amalgamation of acquisition prowess and tribal partnership signifies a bold move towards online casino growth. Senior Vice President and Chief Online Gaming Officer at Caesars Entertainment, Matt Sunderland, hails the deal as a significant leap forward in expanding their iGaming franchise, tapping into new markets, and enriching the gaming experience for players.
The Sault Tribe, owning and operating five land-based casinos in Michigan’s Upper Peninsula, expresses excitement about the collaboration. Austin Lowes, Chairman of the Sault Tribe, emphasizes the importance of Caesars’ expertise in the US iGaming market and a history of robust partnerships in Indian country.
As financial curtains rise on Caesars, their Q4 and full-year 2023 results unveil a thriving landscape. With a robust net revenue of $11.5 billion, a 6% YoY increase, and a notable turnaround in net income from a prior loss, Caesars is navigating towards prosperity.
Digital dominance takes the spotlight as Caesars Digital reports a staggering 77% YoY growth, contributing significantly to the company’s positive adjusted EBITDA. CEO Tom Reeg underscores the success, highlighting a 78% increase in Caesars Digital net revenues and over a $700 million improvement in adjusted EBITDA for the segment.
As the final notes of Q4 resonate, Caesars CEO Tom Reeg expresses satisfaction with consolidated net revenue growth, reduced net loss, and stable consolidated adjusted EBITDA year over year. The journey continues, with Caesars Digital leading the way into a promising future.
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