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Caesars Entertainment Inc. has acquired WynnBET’s operations in Michigan in partnership with the Sault Ste. Marie Tribe of Chippewa Indians.
The acquisition will help enhance Caesars’ digital presence in North America and bolster its iGaming offerings in Michigan, where it also operates Caesars Palace online casino. Pending regulatory approval, WynnBET’s customers will transition to Caesars’ online casino platform.
Additionally, Caesars will gain access to the Sault Tribe’s online gambling skins, enabling it to introduce further digital brands in Michigan.
In a Caesars Entertainment news release, Senior Vice President and Chief iGaming Officer Matt Sunderland expressed confidence that this acquisition will enhance its customer base, bolstering its digital offerings’ visibility.
“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.
We are honored to work with the Sault Ste. Marie Tribe of Chippewa Indians and look forward to growing with them in Michigan.”
Caesars is set to fuse its online gaming brand with WynnBET Michigan
With WynnBET’s iGaming initiatives, Caesars has a unique opportunity to further establish itself in one of the biggest US online casino markets.
The ongoing operations of Caesars Sportsbook and Caesars Palace online casino will coexist with this expansion. Hence, Caesars intends to combine its best gaming brands with WynnBET’s online casino operations in Michigan in the coming months.
The integration for WynnBet Michigan players is expected to be seamless, given that Caesars already operates in Michigan. Austin Lowes, chairman of Sault Ste. Marie Tribe of Chippewa Indians said:
“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.”
Caesars Digital records 28% growth in net revenue for Q4 2023
Meanwhile, in its recent financial results, Caesars Entertainment Inc. disclosed that net revenue was slightly up during the fourth quarter of 2023. The company recorded $2.825 million in net revenue compared to Q4 2022, which was almost the same, with its figure at $2.821 million.
Las Vegas generated $1.091 million from this net profit, while Casers Digital experienced more growth across all segments with a 28% upsurge. Chief Executive Officer of Caesars Tom Reeg commented:
“Our fourth quarter operating results demonstrated consolidated net revenue growth, reduced net loss, and stable consolidated Adjusted EBITDA year over year. Results were driven by a 28% year-over-year increase in Caesars Digital net revenue that generated a 10% Adjusted EBITDA margin in the quarter.”
Caesars has looked for ways to grow its digital platform. One plan includes the partnership with the Eastern Band of Cherokee Indians for access to the sports betting market in North Carolina, which is similar to the partnership agreement with the Sault Tribe.
Meanwhile, the Sault Tribe owns and operates Kewadin Casino, which encompasses five physical casino establishments in Michigan’s Upper Peninsula.
