Steve Wynn is the founder of Wynn Resorts and Casino. The enterprise was founded in the year 2002 with Steve Wynn as the chief executive. Recently, Wynn has agreed to sell all his shares, amounting to 8 million shares. This comes only a few days after Wynn and his former wife terminated an agreement preventing them to sell their shares.
Galaxy Entertainment, a company that is based in Macau, has shown interest in the Wynn casino. The operator in the Macau based company had agreed to buy a total of 5.3 million shares from Wynn.
The fate of the Wynn Resorts and Casino
Wynn had been the chief executive of the company since it was founded. He, however, resigned a month ago due to claims of sexual harassment against him. It was alleged that he subjected his female employees to unconsented sex, claims he denies.
Galaxy Entertainment is one of the most popular casinos in Macau. It is in competition with Sands China, Wynn, MGM China and Melco Resorts in the casino industry. It is licensed together with the other six to operate as casinos.
Francis Lui, the chairman of Galaxy Entertainment Galaxy Entertainment. The statement said that merging was the best step. According to their words, it was an opportunity to acquire an investment in a globally recognized industry. The two companies, being among the best in the industry have very many assets combined. This will ensure that the merger leads to the largest company in the industry.
The Galaxy Entertainment would not, however, comment on the future plans of the company to increase their holding. Matt Maddox is the new chief executive of Wynne Resort and Casino. He said that the two companies have always had the same core ’operating philosophies and values.’
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