Monthly Archives: April 2018

Rumors fly of MGM Resorts’ interest in acquiring Wynn Resorts

Casino operator MGM Resorts is having “back-channel” about a potential acquisition of rival Wynn Resorts, according to media reports.

On Thursday, the New York Post reported that MGM execs had made “back-channel approaches” about possibly acquiring Wynn. Sources said no official talks had taken place, but claimed that Wynn if CEO Matt Maddox “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.