Monday, June 27, 2022

Galaxy says Wynn stake just for dividends


Galaxy Entertainment founder and Chairman Lui Che-Woo said his company has no plans to increase its 4.9 percent stake in Wynn Resorts, damping speculation it may have been planning a full takeover.

“So long as Elaine Wynn remains the largest shareholder, we’re confident that nothing can go wrong,” Lui told Bloomberg in an interview. “After all it’s only 4.9 percent. We’re just here to receive dividends.”

Galaxy bought the stake in Wynn in a surprise move in April after founder Steve Wynn said he was selling off his holdings.  The Macau operator bought 5.3 million shares at $175 a share.

Lui also said the company was taking a wait and see approach to the developments on Hainan island. Beijing recently indicated it intended to boost tourism on the island, potentially introducing some forms of gambling, most likely sports betting. Casinos won’t be allowed.

“It’s not easy to start in Hainan unless you are rich, brave and able to see the picture very clearly….we will just wait for policies to become clear,” he said.

 

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