Why 1 Investor Is Watching This Gambling SPAC Very Closely
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Wynn Resorts is spinning off part of its business and forming a special purpose acquisition company (SPAC) Austerlitz Acquisition Corporation. Austrlitzer will merge with Wynn Interactive and bring it to the public markets.
Wynn Interactive is going public via SPAC. It's going to get $690 million dollars in the trust. They're operating in 15 states and have room to expand to 24. The company is leveraging existing resorts in Las Vegas, Boston and Macau. If the stock price falls below $10, the original holders can redeem their shares. DraftKings is the biggest name here with a $20 billion valuation. Entain is a partner with MGM and has a similar valuation, Flutter is $34 billion. There's a potential $45 billion gambling market. Travis Hoium is watching this company very closely.
