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Illustration: Annelise Capossela/Axios

Wynn Resorts (Nasdaq: WYNN) and Austerlitz Acquisition Corp. I (NYSE: AUS), a SPAC formed by Bill Foley, terminated their $3.2 billion merger agreement for Wynn's online betting unit. No explanation was given.

Why it matters: This is the latest reminder that SPAC merger announcements don't always result in SPAC mergers, coming just days after PE-backed e-commerce platform BBQGuys called off its $963 million deal with Velocity Acquisition Corp. (Nasdaq: VELO).

The bottom line: Wynn Resorts could now be in play as a takeover target, particularly for Vegas regulars like Apollo and Blackstone. Not only because of the SPAC failure, but also because Wynn CEO Matt Maddox just resigned.

Go deeper

Dan Primack, author of Pro Rata
Nov 16, 2021 - Economy & Business

Conductor raises $150 million, two years after WeWork buyback

Illustration: Aïda Amer/Axios

Conductor, a New York-based SEO and enterprise marketing company that bought itself back from WeWork in 2019, raised $150 million from Bregal Sagemount.

Why it matters: This is an ad-tech phoenix rising from the ashes of WeWork's fire sales. It's also a strong return for Conductor employees, all of whom received equity via the buyback.

Americans are super-sizing their holiday travel

Illustration: Sarah Grillo/Axios

Americans are rushing back into holiday travel, and many are taking even longer trips now than they did before the pandemic began.

The big picture: After skipping Thanksgiving and Christmas gatherings last year, many people are eager to maximize this year's celebrations with friends and family. And flexible remote working arrangements make that easier than ever.

Updated 16 hours ago - Sports

The potential GOAT of chess faces intriguing challenger

Illustration: Sarah Grillo/Axios

The World Chess Championship between Norway's Magnus Carlsen and Russia's Ian Nepomniachtchi began on Friday, 1,094 days after Carlsen won his fourth consecutive title.

Why it matters: During the long, COVID-fueled layoff, chess entered a new era, and with the championship finally here, the age-old game is ready for its close-up.