Galaxy Entertainment Group and Wynn Resorts Limited have announced that Galaxy Entertainment has agreed to purchase 5.3 million primary shares of Wynn Resorts at a price ofÊ$175Êa share, resulting inÊ$927,500,000Êof gross proceeds to Wynn Resorts.
Galaxy Entertainment Group Vice ChairmanÊFrancis LuiÊsaid, “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.”
“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,” said Wynn Resorts CEOÊMatt Maddox.
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 CEOÊSteve Wynn, thus demonstrating their confidence in the long-term strength of the company. The purchase price of the shares held by Mr Wynn is alsoÊ$175Êa share. The two sales, combined with previous sales by Mr Wynn, effectively eliminate his ownership in Wynn Resorts.
Today’s announcement follows the settlement two weeks ago of long-standing litigation between Wynn Resorts and Universal Entertainment Corporation. The resolution of that litigation, combined with the new agreement with Galaxy Entertainment Group and the liquidation ofÊSteve Wynn’sÊshares in the company positions Wynn Resorts for even greater stability, strategic focus and future growth.
