Galaxy has agreed to purchase 5.3 million primary Wynn Resorts shares for a total of US$927.5m. Wynn also announced that two of its current long-term institutional investors have reached an agreement to purchase the remaining eight million shares held by former chairman and CEO Steve Wynn. This will end his association with the company he founded.
“This is a unique opportunity to acquire an investment in a globally recognised entertainment corporation with exceptionally high quality assets and a significant development pipeline,” said Galaxy vice chairman Francis Lui.
Wynn Resorts CEO Matt Maddox added that it was “an honour to have such a distinguished company as Galaxy Entertainment, which shares many of the same core operating philosophies and values, as a shareholder.”
These developments follow the settlement of long-standing litigation between Wynn Resorts and Japan’s Universal Entertainment Corporation, which was founded by former Wynn Resorts board member Kazuo Okada.
Source: GMB
