MGM Interested in Wynn Resorts Takeover
Reports from US newspaper The New York Post suggest that MGM Resorts is the latest possible suitor to acquire Wynn Resorts.
Ever since Steve Wynn the founder of Wynn Resorts sold his entire stake of 8 million shares in the company following accusations of sexual harassment that Wynn denies, rumours have been flying around that the company is ripe for a takeover.
Only recently Galaxy Entertainment the Macau based casino operator purchased 5% of Wynn Resorts shares sparking speculation that Galaxy were moving for a takeover, which has been denied since by Francis Lui the Deputy Chairman of Galaxy.
However this most recent rumour of MGM may have some value to it, The Post says that although neither MG or Wynn have held face to face discussions there has been communication through back-channels.
But CEO of MGM Jim Murren recently said that it was unlikely MGM would move for Wynn Resorts it is understood that Wynn Resorts boss Matt Maddox is open to an offer for the company so long as it is a good one.
One thing is for sure nothing is going to happen quickly as a deal could cost upwards of $28 billion and would have to include the Macau business of Wynn Resorts.