Saturday, August 13, 2022

MGM eyes Wynn bid, New York Post reports


MGM Resorts has expressed an interest in buying Wynn Resorts through back-channel approaches, the New York Post reported, citing unnamed sources.

Wynn Resorts is not on the block, but the newspaper cited one source close to the situation as saying the company’s new CEO would sell if he got the right price.
“I think if the Wynn CEO [Matt Maddox] gets his deal, he’ll sell,” a source close to a large gaming company said, adding that he believes there is a 50 percent chance MGM reaches a deal within the next several months.

The article also cited a source close to former CEO Steve Wynn and a gaming banker as saying they believe MGM may be interested in acquiring the company.

The article doesn’t mention the fact that Steve Wynn recently sold his stake in the operator, with Macau-based Galaxy Entertainment Group buying an almost 5 percent stake.

In public statements, MGM CEO Jim Murren said in February that his company is unlikely to make a serious bid for Wynn.

Both companies have licenses to operate in Macau.

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