Galaxy Entertainment Group buys in to Wynn Resorts

The company has agreed to purchase the shares at a price of $175 per share, resulting in a total share spend of over $975m.

In a statement confirming the investment, Galaxy Entertainment Group Vice Chairman Francis Lui said that “This is a unique opportunity to acquire an investment in a globally recognized entertainment corporation with exceptionally high quality assets and a significant development pipeline.”

Wynn Resorts CEO Matt Maddox added: “It is an honour to have such a distinguished company as Galaxy Entertainment as a shareholder which shares many of the same core operating philosophies and values.”

With this acquisition, Galaxy Entertainment Group is now well positioned to launch a push into the upcoming Japanese integrated resort market, which is currently attracting interest from casino developers from around the world.

Wynn Resorts is already a brand name in Macau, where it operates three hotels and the business could use this market exposure as a springboard to enter Japan.

At the same time Wynn Resorts announced that two long term institutional investors in the business have agreed to purchase former CEO Steve Wynn’s remaining 8 million shares in Wynn Resorts also at $175 per share.

The news comes just a day after Wynn agreed to sell 4.1 million of his shares in the business that he ran for over sixteen years, at a purchase price of $716m.

Yesterday’s deal reduced his stake in the business to 7.8%, while today’s deal effectively ends Steve Wynn’s long standing involvement in the company which bears his name.

Stay updated with GI

Follow Gambling Insider for independent news, analysis and industry expertise.

Add as a preferred source on Google

Robert Simmons

Gambling Writer

Robert Simmons served as a writer for Gambling Insider, where he was an active contributor from 2017 until 2018. Throughout his tenure, Robert executed in-depth market research and wrote over 500 news and press-release articles covering the global gambling industry under strict editorial standards and tight deadlines. He contributed editorial support to the production of five 100+ page Gambling Insider magazines, eight 25+ page Trafficology magazines, and five 25+ page special print focus editions. In addition, he produced 30 in-depth feature articles for print, secured over 30 contributions from external writers, and built long-standing professional relationships with industry stakeholders across all levels of the gambling sector.

Visit Profile