Wynn Resorts, Limited recently announced that it has entered into a strategic partnership with BetBull Limited, a Europe-based digital sports betting operator, to pursue sports betting opportunities in the emerging U.S. market. The strategic partnership will position both parties to capitalize on the developing U.S. opportunity by combining Wynn Resort’s nationally recognized brand with BetBull’s digital sports betting operations capabilities and technology.
In conjunction with the formation of the strategic partnership, Wynn Resorts plans to make a minority equity investment in BetBull. Wynn Resorts will own 22.5 percent of BetBull on a fully-diluted basis upon closing of the investment which will occur in due course subject to customary closing conditions. Moelis & Company LLC acted as financial advisor to Wynn Resorts.