Wynn Resorts abandons online gambling SPAC

Global casino operator Wynn Resorts no longer plans to spin off its interactive interests by way of a Special Purpose Acquisition (SPAC) vehicle. The company has declared that with competitors such as DraftKings and MGM investing tens of millions of dollars, customer acquisition costs would be too high for a smaller player such as Wynn Interactive. A switch in focus to a smaller base of high ROI players is inconsistent with a SPAC business model, and so Wynn Interactive will remain under the full control of Wynn Resorts.