Finance & DevelopmentFinanceGalaxy Entertainment Agrees to Buy 5.3 Million Primary Shares of Wynn Resorts

Galaxy Entertainment Agrees to Buy 5.3 Million Primary Shares of Wynn Resorts

HONG KONG and LAS VEGAS—Galaxy Entertainment Group and Wynn Resorts, Limited announced that Galaxy Entertainment has agreed to purchase 5.3 million primary shares of Wynn Resorts at a price of $175 a share, resulting in $927.5 million of gross proceeds to Wynn Resorts.

In addition, two long-term institutional investors, both of whom are current investors in Wynn Resorts, have agreed to purchase the remaining eight million shares held by founder and former Wynn Resorts CEO Steve Wynn. Wynn stepped down from his position as the company’s CEO in February following allegations of sexual misconduct initially reported in a January Wall Street Journal article. The purchase price of the shares held by Wynn is also $175 a share. The two sales, combined with previous sales by Wynn, effectively eliminate his ownership in Wynn Resorts.

The announcement follows the settlement two weeks ago of long-standing litigation between Wynn Resorts and Universal Entertainment Corporation. The company says that the resolution of that litigation, combined with the new agreement with Galaxy Entertainment Group and the liquidation of Steve Wynn’s shares in the company, positions Wynn Resorts for even greater stability, strategic focus, and future growth.

“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,” Galaxy Entertainment Group Vice Chairman Francis Lui says.

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

 

RELATED ARTICLES

New Pyramid Global Hospitality COO Continues Focus on Big Data to Benefit Owners

Pyramid Global Hospitality Chief Operating Officer Eric Habermann retired in April following seven years with the company and a nearly 40-year career in hospitality....

Grand Hyatt Kauai Resort & Spa Launches Scholarship Program

Grand Hyatt Kauai Resort & Spa, a 605-room resort, announced the launch of a scholarship program to support the continued education of its colleagues...

Hilton Surpasses 500 Hotels in Florida

MCLEAN, Virginia, and MIAMI, Florida—Hilton announced a major milestone as the company surpassed 500 open hotels across Florida. This growth was fueled in part...

Hunter Hotel Advisors Brokers Sale of Residence Inn Detroit Novi

ATLANTA, Georgia—Hunter Hotel Advisors (Hunter) announced the successful sale of the 107-key Residence Inn Detroit Novi. Spark GHC purchased the property from an institutional...

PMZ Realty Capital Arranges Loan for Hampton Inn Marysville

PMZ Realty Capital LLC announced that it has secured a $5.3 million loan for the Hampton Inn Marysville, located in Marysville, Ohio. The loan...

LivAway Suites Breaks Ground on New Property in Tucson, Arizona

SALT LAKE CITY, Utah—LivAway Suites announced the groundbreaking of its newest property in Tucson, Arizona, which marks its fourth in the state over the...