Wynn Resorts takes a gamble by not selling Boston casino
Monday 21 de May 2018 / 14:18
⏱ 1 min read
(United States).- Wynn Resorts may be taking a gamble with its Boston-area casino slated to open next year. The company, after meeting with at least two rivals to discuss the possible sale of its Encore Boston Harbor, has decided to keep its $2.5 billion casino.
Suitors like MGM Resorts and Caesars Entertainment expressed interest in buying the casino and, according to two sources with direct knowledge of the process, met with Wynn Resorts roughly a month ago.
Each of the rivals offered prices that were at a significant discount to the construction cost, a source said.
Wynn, therefore, decided to hold on to the property.
Meanwhile, the Massachusetts Gaming Commission is investigating Wynn Resorts for its suitability to hold a license based on reports that executives and directors knew about Steve Wynn’s alleged sexual harassment.
Wynn has denied all accusation of improper behavior. He resigned from the company in February.
If the commission strips Wynn Resorts of its gaming license, the amount it could attract in a distressed sale would drop sharply, the source said.
The commission is expected to present the findings of its probe this summer.
Wynn’s shares rose 1.2 percent Wednesday, to $192.51.
Categoría:Casino
Tags: Sin tags
País: United States
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