The largest casino-entertainment company in the United States and operator with one of the most diversified casino-entertainment providers in the world, Caesars Entertainment, announced the completion of the acquisition of WynnBET’s iGaming business in Michigan. The move represents a major expansion of the company in an important online gambling market.

Besides acquiring WynnBET’s iGaming operations, Caesars also closed a long-term extension of an iGaming market access deal with the Sault Ste. Marie Tribe of Chippewa Indians.

Upon announcing the completion of the acquisition, the company said that existing WynnBET brand users won’t experience any interruptions. Assuming the ownership of the WynnBET iGaming business in the state, Caesars said that it plans to keep the existing platform’s name, at least for the moment.

Eric Hession, Caesars Digital’s President, acknowledged the importance of the latest announcement. He thanked the gambling regulator in the state, the Michigan Gaming Control Board, as well as the Sault Ste. Marie Tribe of Chippewa Indians, for their efforts that ultimately resulted in the closing of this landmark acquisition.

“Caesars Entertainment would like to thank the Sault Ste. Marie Tribe of Chippewa Indians and the Michigan Gaming Control Board for their collaboration through this process.“

Eric Hession, president of Caesars Digital

Transitioning from WynnBET to a New Brand Expected Later This Year

Although initially, Caesars will retain the existing platform by using the WynnBET brand in Michigan, the company hinted at the possibility of introducing a new online casino brand. Once this is completed, the company said it will proceed with the transitioning of the existing WynnBET customers to the new iGaming brand.

Still, Caesars confirmed that such a move remains subject to the relevant regulatory approvals. The company disclosed that it expects to complete the aforementioned processes at some point during the second half of this year.

Still, a solid date or an exact name for the new iGaming brand in Michigan was not disclosed.

Recently, Caesars’ shareholders rejected a proposal to study the benefits of going smoke-free. The announcement came despite the growing opposition from anti-smoke organizations who have repeatedly raised concerns about the negative impact of smoking on casino patrons and employees.

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In a recent interview with CNBC’s Brian Sullivan, Tilman Fertitta argued that Golden Nugget is not the only equity that is most likely going to benefit from the momentum in the gaming industry in 2024. He also sees Wynn Resorts and DraftKings as sector companies in a very strong position, not least because of his own affiliation and investments in the entities.

Strong Year for Wynn and DraftKings Ahead, Shareholder Says

He noted that for as long as there was interest in gaming in Las Vegas, Wynn Resorts would always come on top. Of course, Fertitta is not only paying lip service to a direct competitor. He owns a 6.1% stake in Wynn Resorts which is understandably making him at least inclined to comment on the company.

His participation in Wynn is not just a way to hedge his portfolio against sudden shocks, but also a prelude to his grander ambitions to seek expansion with a casino resort in Las Vegas. Fertitta told Sullivan that he had not yet thought about acquiring Wynn Resorts, though, which has been speculated about extensively.

Fertitta’s bullishness on Wynn is somewhat justified by his purchasing the shares back in October for $87.21, which are now trading at $90.42 on the last trading day on December 22. This is a small but sustained gain and perhaps one of the reasons why Fertitta continues to exhibit outward confidence in the future of Wynn.

However, Wynn Resorts is not the only company he sees as a big winner moving forward. According to Fertitta, DraftKings is also in a very good position to enter the year on a high note.

The Industry to Be Concentrated in Four or Five Companies

Once again, Fertitta is speaking about a company he is familiar with as DraftKings bought Golden Nugget Online Gaming in a record-setting $1.56-billion all-stock deal which was finalized early last year.

Thanks to the alliance between the two, DraftKings and Golden Nugget Online Gaming can maintain a strong presence in both iGaming and sports betting. Fertitta is also confident that there will be only four or five companies that will end up dominating the entire industry – not just a state or two, but the entire United States and beyond.

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With a silhouette that would fit perfectly in the Las Vegas Strip, Wynn Resorts’ newest project for a luxury integrated casino resort continues to steam ahead. The $3.90 billion project will be a first for Wynn in the area, hopefully capitalizing on the growing demand for such services. 

The Project Is Proceeding as Planned

Wynn first announced its plans for a new multibillion-dollar integrated resort (IR) in the United Arab Emirates (UAE) in January 2022. The world-leading operator chose the artificial Al Marjan Island in Ras Al Khaimah, which is already a spectacular tourist destination. Its proximity to Dubai was another deciding factor, hopefully drawing in VIP guests from both countries.

So far, the project has progressed without any notable hiccups. Wynn is partnering with local developer Marjan and RAK Hospitality Holding, a hospitality asset owner, and manager, ensuring compliance with the UAE’s strict regulations and requirements. Derek Sands, a senior manager at the casino giant, took on the role of executive vice president for the upcoming report, showcasing Wynn’s dedication to the project.

In March, Wynn selected ALEC Engineering and Contracting as the main contractor for the construction, demonstrating surprisingly swift progress. The operator is optimistic about the project, relying on the increasing demand for luxury gambling and resort destinations in the Middle East North Africa (MENA) region. Considering the planned early 2027 launch and significant progress, construction should soon commence.

The Previews Reveal Wynn’s Signature Thoughtful Design

Wynn’s latest updates regarding the ambitious project revealed the first concept images of the planned casino resort. The sleek hotel tower would look right at home on the Las Vegas Strip, promising a truly one-of-a-kind experience. The 1,500 hotel room venue will include an expansive gaming area, spa, entertainment facilities, a luxurious shopping center, and other top-tier amenities.

Wynn CEO Craig Billings lauded the development team’s efforts to deliver a unique beachside resort experience, expressing hope that new and returning customers would benefit from the company’s decades of experience. He noted that the island was the perfect canvas for Wynn’s rich and thoughtful design, hoping it would exceed expectations.

We have spent the past year meticulously programming and concepting Wynn Al Marjan Island, carefully considering its unique location.

Craig Billings, Wynn Resorts CEO

The $3.90 billion project is a significant investment for Wynn, the largest in the United Arab Emirates hospitality sector. However, Caesars Entertainment’s 2018 foray into the region with its Dubai resort proved the growing demand for luxury tourist destinations in the Middle East. Wynn is working hard to generate suitable hype for its newest project, hopefully paving the way for further opportunities.

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