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Wynn scraps interactive spinoff as it changes marketing strategy

Wynn Resorts and Austerlitz Acquisition Corporation I have cancelled the deal that would have seen the Wynn Interactive subsidiary spin off, merge with Austerlitz and go public on the Nasdaq Stock Exchange.

Craig Billings, chief executive of Wynn Interactive and soon-to-be chief executive of Wynn Resorts after Matt Maddox announced his departure from that role, said Wynn made the decision as it pursued a new strategy for its online WynnBet brand.

This strategy, it said, would involve lower marketing spend, and so did not align with the capital-intensive approach that the merger would have offered.

“With our continued roll out of product features and planned new state launches, including New York, we remain excited about WynnBET’s future,” he said.

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