{"id":3662,"date":"2018-04-09T08:12:05","date_gmt":"2018-04-09T08:12:05","guid":{"rendered":"https:\/\/www.casinosrealmoney.com\/?p=3662"},"modified":"2020-07-27T08:47:28","modified_gmt":"2020-07-27T08:47:28","slug":"mgm-may-be-interested-in-buying-casino-rival-wynn-resorts","status":"publish","type":"post","link":"https:\/\/www.casinosrealmoney.com\/news\/mgm-may-be-interested-in-buying-casino-rival-wynn-resorts\/","title":{"rendered":"MGM May Be Interested in Buying Casino Rival Wynn Resorts"},"content":{"rendered":"

According to recent to a recent Bloomberg report, Wynn Resorts Ltd.\u2019s new CEO, Matt Maddox has been part of informal talks about selling the company\u2019s Massachusetts casino which is still under construction. This is yet to be officially confirmed as Michael Weaver, Wynn Resorts\u2019 spokesperson, refused to comment on the sale.<\/p>\n

This news corresponds to a New York Post report that stated that MGM may be interested in buying its casino rival Wynn Resorts<\/a>. MGM\u2019s interest in acquiring Wynn properties, however, came from a back-channel approach as stated by sources familiar with the situation at hand.<\/p>\n

Wynn Resorts has had a rough couple of months following reports of sexual harassment by its founder and former CEO, Steve Wynn. Wynn denied the allegations but proceeds to resign from the company he founded after which he sold all his shares in the casino business<\/a> which is one of the biggest in the world. At the moment, regulators in Macau, Massachusetts and Nevada have been investigating the claims of sexual harassment against Wynn<\/strong>. Stephen Crosby, Massachusetts Gaming Commission chair asserted during a hearing last week that Wynn Resorts\u2019 license to operate in the state is at risk.<\/strong><\/p>\n

The Price Could Be Right<\/h2>\n

MGM\u2019s Chief Executive Officer James Murren had earlier claimed that it would be unlikely for the company to make a bid to acquire Wynn Resorts. However, a source revealed that Matt Maddox, Wynn\u2019s CEO would be tempted to sell the property if the price was right.<\/p>\n

Sources said that MGM, which owns the Luxor, New York, Mirage, Bellagio and Mandalay Bay casinos can afford to buy $20 billion market-cap Wynn \u2013 this is between its real estate investment trust and its separately traded operating company.<\/strong><\/p>\n

The only setback appears to be complications that will arise during MGM\u2019s valuation of Wynn \u2013 The Chinese island of Macau accounts for most of Wynn\u2019s revenues but as revealed by our sources,\u00a0 there is a possibility that China could pull Wynn\u2019s and other casino\u2019s gaming licenses in 2022.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

According to recent to a recent Bloomberg report, Wynn Resorts Ltd.\u2019s new CEO, Matt Maddox has been part of informal talks about selling the company\u2019s Massachusetts casino which is still under construction. This is yet to be officially confirmed as Michael Weaver, Wynn Resorts\u2019 spokesperson, refused to comment on the sale. This news corresponds to […]<\/p>\n","protected":false},"author":2,"featured_media":3663,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2],"tags":[19],"class_list":["post-3662","post","type-post","status-publish","format-standard","hentry","category-business","tag-casino"],"acf":[],"yoast_head":"\nMGM May Be Interested in Buying Casino Rival Wynn Resorts - Casinos Real Money News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casinosrealmoney.com\/news\/mgm-may-be-interested-in-buying-casino-rival-wynn-resorts\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MGM May Be Interested in Buying Casino Rival Wynn Resorts - Casinos Real Money News\" \/>\n<meta property=\"og:description\" content=\"According to recent to a recent Bloomberg report, Wynn Resorts Ltd.\u2019s new CEO, Matt Maddox has been part of informal talks about selling the company\u2019s Massachusetts casino which is still under construction. 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