Sands weighs up Wynn takeover option
Las Vegas Sands Corporation CEO and chairman Sheldon Adelson has confirmed it is considering the possibility of a takeover of fellow casino operator Wynn Resorts.
The issue was addressed at Sands’ annual general meeting on Thursday, where a stockholder asked Adelson if a “Kerkorian-style hostile takeover” of Wynn Resorts had been considered, in reference to MGM Grand’s acquisition of Mirage Resorts in 2000.
Mirage Resorts was founded by Wynn Resorts CEO and company founder Steve Wynn, and Kerkorian was founder of MGM Grand.
Adelson answered: “We and our investment bankers have considered all possibilities. I can’t say that we have any conclusions. Wynn is operating in two out of our three big markets.”
Adelson then went on to say: “To me it’s only a remote thought, because one has to consider that the name of the property is ‘Wynn’. And if Wynn isn’t still there running them, are the properties still as good? So there are a lot of other considerations. I don’t want to do a hostile buyout. Wynn and I have become very friendly.
“I’m not interested in having any confrontation with a friend. The man has, along with someone by the name of Adelson, changed the face of Las Vegas. He’s also helped to change the face of Macau. So you can’t say the man is not a very good operator. He is a very good operator.”
Wynn Resorts reported a net loss of $44m for the first quarter of 2015, and its share price increased by 7% on Thursday.
Gambling Insider delivers the latest industry news, in-depth features, and operator reviews that you can trust. Our team combines rigorous editorial standards with decades of specialized expertise to ensure accuracy and fairness. We are committed to delivering clear, impartial, and dependable coverage across the global gambling sector.
