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The Latest SPAC News and Rumors: January 24, 2022
by Marlena Haddad on 2022-01-24 at 11:50am

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. 

Latest SPAC News: Wynn Resorts looks to sell sports betting business, and UAE approves regulatory framework for SPACs 

Wynn Resorts Looks to Sell Online Sports Betting Biz at Steep Discount

Wynn Resorts (NASDAQ:WYNN) is looking to unload its online sports-betting business at a steep discount as the fledgling niche faces painful losses from stiff taxes and costly promotions needed to lure customers, according to The Post.

Just a few months ago, Wynn said it was scrapping plans it disclosed in May to merge Wynn Interactive with Bill Foley’s Austerlitz Acquisition Corporation (NYSE:AUS).

The Las Vegas-based casino giant is quietly shopping its Wynn Interactive unit, operator of the WynnBet online gaming app, and has slashed the asking price to $500 million after floating a $3 billion valuation less than a year ago.

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UAE Regulator Approves Gulf’s First SPAC Framework

The United Arab Emirates’ Securities and Commodities Authority (SCA) has approved a regulatory framework for SPACs, the first in the Gulf, the Abu Dhabi Media Office said on Monday.

The regulation also allows sponsors abroad to apply for approval to list their SPACs on the Abu Dhabi Securities Exchange (ADX), the office said.

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