MGM eyes Wynn bid, New York Post reports

MGM Resorts has expressed an interest in buying Wynn Resorts through back-channel approaches, the New York Post reported, citing unnamed sources.

Wynn Resorts is not on the block, but the newspaper cited one source close to the situation as saying the company’s new CEO would sell if he got the right price.
“I think if the Wynn CEO [Matt Maddox] gets his deal, he’ll sell,” a source close to a large gaming company said, adding that he believes there is a 50 percent chance MGM reaches a deal within the next several months.

The article also cited a source close to former CEO Steve Wynn and a gaming banker as saying they believe MGM may be interested in acquiring the company.

The article doesn’t mention the fact that Steve Wynn recently sold his stake in the operator, with Macau-based Galaxy Entertainment Group buying an almost 5 percent stake.

In public statements, MGM CEO Jim Murren said in February that his company is unlikely to make a serious bid for Wynn.

Both companies have licenses to operate in Macau.

More news from this jurisdiction

ElsewhereFriday, Apr 20, 2018

The chairman of Wynn Resorts’ board of directors has rejected requests from Elaine Wynn to reshuffle the company’s board of directors.

ElsewhereThursday, Apr 19, 2018

Wynn Resorts has announced the appointment of three new independent directors, and the expansion of its board to 11 members.

ElsewhereTuesday, Apr 17, 2018

The recent flurry of consolidation in the U.S. casino industry is continuing with Eldorado Resorts agreeing to buy Tropicana Entertainment for about $1.85 billion in cash.

ElsewhereTuesday, Apr 17, 2018

Seattle-based esports wagering operator Unikrn has announced the acquisition of Berlin-based ChallengeMe.GG (CME), an esports matchmaking service and tournament partner.

ElsewhereTuesday, Apr 17, 2018

Elaine Wynn, co-founder of Wynn Resorts and ex-wife to Steve Wynn is pushing for a restructure in the company’s corporate governance through a shake up of the board of directors.

ElsewhereMonday, Apr 16, 2018

MGM Resorts International and its joint venture partner agreed to sell its Grand Victoria Casino in Elgin, Illinois, to Eldorado Resorts for $327.5 million in cash.

ElsewhereMonday, Apr 16, 2018

UK football club Tottenham Hotspur is extending its partnership with online gaming brand Fun88, which will continue to be the club’s official betting partner in Asia and Latin America.