Las Vegas Golden Knights possessor Bill Foley is closure deuce special aim acquisition companies (SPACs), single of which was involved in a at present defunct gaming industry setback merger.
In the modish signalize of a substantial cooling down pat(p) full point in the blank-check space, Foley is shuttering Austerlitz Acquisition Corporation I (NYSE:AUS) and battle of Austerlitz Acquisition Corporation II, reverting $2.1 1000000000000 to shareholders inwards the process, according to filings with the Securities and Exchange Commission (SEC).
Austerlitz Acquisition Corp. I, which raised $690 trillion in its initial public offering (IPO), popped upward on gaming investors’ radars in May 2021 when it was revealed the SPAC would merge with Wynn Resorts’ (NASDAQ:WYNN) Wynn Interactive unit to take the iGaming and sports wagering business concern public at a valuation of $3.2 billion.
However, Wynn position the kibosh on that sell last November, locution it didn’t need to enlist in the richly customer acquisition costs permeating the sports wagering industry. By betimes 2022, it was rumored the gaming troupe was sounding to sell Wynn Interactive for $500 billion — a mere fraction of the proposed price inward the SPAC deal. The gambling casino operator maintains hold of the online betting business organization today.
Not All Flops for Foley
Foley has had his portion of success with SPACs and other investments.
In 2020, his Foley Trasimene Acquisition Corp. II revealed plans to merge with Paysafe Group Holdings Ltd., a processor of online payments for online sportsbooks. Paysafe at present trades on the New House of York Stock Exchange under the stock ticker “PSFE.”
His Cannae Holdings (NYSE:CNNE) is an investor inwards Sightline Payments, a provider of cashless gaming solutions. In August 2021, Sightline was precious at $1 one thousand million inward private markets, making it the firstly fintech unicorn based inward Nevada. ightline’s online clients include BetMGM, Caesars, DraftKings, FanDuel and WynnBET, among others.
In increase to his business interests in Nevada and beyond, Foley is often tied to a change of sports rumors beyond his ownership of the NHL’s Knights. Recent speculation ties him to an acquisition of English Premier League association football team up AFC Bournemouth.
He’s also been fastened to efforts to wreak a Major League Soccer (MLS) dealership to Las Vegas.
Foley non Alone inwards SPAC Failures
Foley is far from solo inwards closing SPACs. Year-to-date, 22 blank-check firms liquidated — to a greater extent than double the add together seen from 2017 to 2021, according to Bloomberg data.
Usually, blank-check firms are agnostical nearly the industry inwards which they seek for targets, but some come up to market apprisal investors the contrive is abrade several industries for merger partners. Some SPACs overtly mentioned gaming in their regulatory filings.
As such, the industry has its divvy up of realized and failed SPAC deals. Last month, European lottery colossus Allwyn Entertainment and SPAC Cohn Robbins Holdings (NYSE: CRHC) and Tekkorp Digital Acquisition’s (NASDAQ: TEKK) hopes for natural selection rely on a partner landing place an Prairie State sports betting permit. Both SPACs could join the settlement listing inward the coming months.
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