Wynn Resorts has sold its WynnBET i-gaming business in Michigan to Caesars Entertainment, a move that includes market access with the Sault Ste. Marie Tribe of Chippewa Indians and involves non-cash consideration. This acquisition is part of Caesars Entertainment's broader strategy to expand its digital and interactive operations, as reflected in its recent financial performance. In the fourth quarter, Caesars Entertainment reported a revenue increase to $2.83 billion from $2.82 billion, with a net loss reduction from $148 million to $72 million. For the entire year of 2023, the company saw its revenue grow to $11.5 billion from $10.8 billion in 2022, turning a previous loss into a net income of $786 million, while reducing its total debt to $12.4 billion from $13 billion. This financial turnaround is attributed to growth within its digital division, which saw a 6.5% increase in revenue year-on-year. The acquisition of WynnBet's Michigan iGaming business is expected to further bolster Caesars' presence in the state, where it plans to introduce more brands, including the Harrah's Casino brand that has been operational in New Jersey for over a decade.
Gross igaming revenue in Michigan hit a new monthly high of $181.9m (£143.7m/€167.7m) in January, while the state’s entire online gambling market grew year-on-year https://t.co/Si7pTD4hd1 https://t.co/dvNkncHxDR
Bally’s Corporation said growth within its interactive business helped drive revenue up 8.6% to $2.45bn (£1.94bn/€2.26bn) in 2023, while the operator was also able to reduce net loss for the year https://t.co/yvIm6ycvrI https://t.co/GR6ze0W0cj
NJ sportsbooks won a state record $170.8M from $1.72 BILLION wagered in January. Over 67% of that revenue ($115.5M) was from parlays 👀🤯😱 Winnings from football? 0.3% Winnings from parlays? 16.2% I wrote about why the public should be more cautious betting parlays
Overall gambling revenue in the state of Pennsylvania increased by 2.7% year-on-year to $477.2m (£378.1m/€441.9m) in January https://t.co/iwZKLn4h4e https://t.co/j5OxhEYPPb
Caesars Entertainment said growth within its digital division pushed revenue up 6.5% year-on-year in 2023, while the group is seeking to build on this success by acquiring WynnBet’s Michigan igaming business https://t.co/JazAPL2tW7 https://t.co/3i6vvqziYd
CAESARS ENTERTAINMENT PARTNERS WITH SAULT STE. MARIE TRIBE OF CHIPPEWA INDIANS; ACQUIRES MICHIGAN IGAMING OPERATIONS FROM WYNN RESORTS https://t.co/p1X0HUJx5e
Caesars buying Wynn's Michigan online casino access to be able to bring more brands to the state. Recall that Caesars has a Harrah's Casino brand that has been live in NJ for 10+ years https://t.co/1OUD7Cv0XQ
Wynn Resorts is selling its WynnBET i-gaming business in Michigan to Caesars Entertainment. The contract covers the market access with the Sault Ste. Marie Tribe of Chippewa Indians. Wynn and Caesars will receive non-cash consideration. https://t.co/wr77xf4CLe
Caesars Ent., in Q4, grew revenue to $2.83B from $2.82B; net loss shrunk from $148M to $72M For all of 2023, revenue was $11.5B vs. $10.8B in 2022; net income was $786M vs. a loss of $899M in 2022. Total debt at the end of 2023 was $12.4B, down from $13B https://t.co/FTitmIc40t