Last Thursday, the New York Post reported that rumors have emerged that new Wynn CEO Maddox is open to offers. Sources said no official talks had taken place, but claimed that if Wynn CEO “gets his price, he’ll sell.”
For the record, this isn’t the first time Wynn’s name has been bandied about as a potential acquisition target. Last year around this time, social media fueled rumors that Las Vegas Sands was the one kicking Wynn’s tires. Nothing ever came of these rumors.
The difference now is that Wynn is in a state of flux following the forced exit of its founder/CEO/chairman Steve Wynn, who resigned in February amid a mounting tide of sexual harassment allegations. Steve has since sold off his 11.8% stake in the company he founded, half of which was acquired by Macau casino operator Galaxy Entertainment Group.
Wynn Resorts, which is traded on the New York Stock Exchange (NYSE), currently has a market cap of nearly US$20 billion. “Market cap” indicates the value of a company’s outstanding shares.
Wynn Resorts owns two casinos on the Las Vegas Strip, two in the Chinese gaming enclave of Macau, and is also constructing a US$2.4 billion property near Boston.
Source: GMB / Calvin Ayre / Casino.org
