Last week it was announced that Galaxy Entertainment Group acquired 5.3 million of the shares for US$927.5 million, translating to 4.9% of the company’s shares.
Last month allegations of long-term sexual harassment of employees saw Steve Wynn step down and sell his shares in Wynn Resorts, marking the end of a casino era.
Last week it was announced that Galaxy Entertainment Group acquired 5.3 million of the shares for US$927.5 million, translating to 4.9% of the company’s shares.
“This is a unique opportunity to acquire an investment in a globally recognised entertainment corporation with exceptionally high quality assets and a significant development pipeline,” said Galaxy Entertainment Group vice chairman Francis Lui.
Analysts say the linking of two of the biggest casino operators in Macao and Las Vegas could have repercussions during the lead up to Macau’s all-important review and awarding of operating licences, as current concession licences start to expire in 2020.
The strategic move also gives Galaxy prime position should it want to acquire Wynn Macau in the future, which could change the gaming landscape in Macau.
Speculation suggests Beijing is keen to reduce the ratio of foreign operators to local operators in Macau.
Galaxy will inherit exposure to Macau’s VIP gaming segment, while the US link allows it to enter onto a global stage. Meanwhile the company is also planning expansion outside Macau, with a licence to operate a US$500 million resort casino in the Philippines and keen interest in entering the Japanese market.