Caesars to acquire Michigan iGaming operations from WynnBet, extend tribal pact

Caesars (CZR) announced an agreement to acquire the operations of WynnBet’s (WYNN) Michigan iGaming business and a long-term extension of iGaming market access rights with the Sault Ste. Marie Tribe of Chippewa Indians, subject to regulatory approvals. As part of the transaction, Caesars gains access to the Sault Tribe’s iGaming skins, enabling Caesars to operate additional digital brands in Michigan, and existing WynnBET customers will be transitioned to Caesars’ Michigan iGaming platform, pending regulatory approvals. Wynn and Caesars will receive non-cash consideration, including extinguishment, reductions, and assignment of certain contractual obligations related to both parties’ businesses. Caesars intends to transition the WynnBET iCasino operations in Michigan later this year to one of the gaming brands within the Caesars portfolio. Caesars is committed to a seamless transition and premium customer experience for current WynnBET iGaming customers. The Sault Tribe currently owns and operates Kewadin Casinos, which consist of five land-based casinos located throughout the Upper Peninsula of Michigan.