Caesars Entertainment announced it is taking over WynnBET’s Michigan iGaming operations. This move is part of a broader strategy that includes securing a long-term market access agreement with the Sault Ste. Marie Tribe of Chippewa Indians. Through this deal, Caesars will gain access to the Tribe’s iGaming skins, which will enable the company to introduce additional digital brands in Michigan.
The announcement was made alongside Caesars’ financial results for the fourth quarter of 2023, which showed a slight increase in net revenues to $2.83 billion from $2.82 billion in the same quarter of the previous year, though this was a decrease from the third quarter’s revenue of $3 billion.
As part of the agreement, WynnBET customers in Michigan will be moved to Caesars’ iGaming platform, a change that is pending regulatory approval. The deal between Wynn and Caesars involves non-cash considerations, which include the extinguishment, reduction, and assignment of certain contractual obligations relating to the businesses of both parties.
Matt Sunderland, SVP & Chief iGaming Officer at Caesars Entertainment, expressed the strategic importance of this acquisition, stating, “As we continue to grow our iGaming franchise, the assumption of WynnBET’s iGaming operations in Michigan allows us to tap into a significant market and customer base, providing a crucial step forward in growing our digital products and offering players more ways to play.”
The partnership with the Sault Ste. Marie Tribe of Chippewa Indians, which operates five Kewadin Casinos across Michigan’s Upper Peninsula, is a source of pride for both parties. Sunderland added, “We are honored to work with the Sault Ste. Marie Tribe of Chippewa Indians and look forward to growing with them in Michigan.”
This acquisition positions Caesars to further penetrate one of the largest iCasino markets in the U.S., enhancing its product offerings, which already include Caesars Sportsbook and Caesars Palace Online Casino.
Plans are in place to integrate WynnBET’s iCasino operations into Caesars’ brand portfolio later this year. “Caesars is committed to a seamless transition and premium customer experience for current WynnBET iGaming customers,” the company stated.
Austin Lowes, Chairman of the Sault Ste. Marie Tribe of Chippewa Indians, commented on the partnership’s significance, “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. We believe we found that with Caesars and look forward to being part of their new iCasino offering.”
Details regarding the financial terms of the Michigan transaction were not disclosed. This announcement came shortly after Wynn’s interactive unit sold its New York sports betting license to Penn Entertainment for $25 million, facilitating ESPN BET’s debut in New York.
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