Additional agreements result in sale of Steve Wynn’s remaining holdings in 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 $927,500,000 of gross proceeds to Wynn Resorts.
Galaxy Entertainment Group Vice Chairman Francis Lui said, "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."
"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," said Wynn Resorts CEO Matt Maddox.
In addition, two long-term institutional investors, both of whom are currently investors in Wynn Resorts, have agreed to purchase the remaining eight million shares held by founder and former Wynn Resorts CEO Steve Wynn, thus demonstrating their confidence in the long-term strength of the company. The purchase price of the shares held by Mr. Wynn is also $175 a 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 of Steve Wynn's shares in the company positions Wynn Resorts for even greater stability, strategic focus and future growth.
Galaxy Entertainment Group is one of the world's leading resorts, hospitality and gaming companies. It primarily develops and operates a large portfolio of integrated resort, retail, dining, hotel and gaming facilities in Macau. The Group is listed on the Hong Kong Stock Exchange and is a constituent stock of the Hang Seng Index.
GEG is one of the three original concessionaires in Macau with a successful track record of delivering innovative, spectacular and award-winning properties, products and services, underpinned by a "World Class, Asian Heart" service philosophy, that has enabled it to consistently outperform and lead the market in Macau.
GEG operates three flagship destinations in Macau: on Cotai, Galaxy Macau, one of the world's largest integrated destination resorts, and the adjoining Broadway Macau, a unique landmark entertainment and food street destination; and on the Peninsula, StarWorld Macau, an award winning premium property.
The Group has the largest undeveloped landbank of any concessionaire in Macau. When The Next Chapter of its Cotai development is completed, GEG's resorts footprint on Cotai will double to more than 2 million square meters, making the resorts, entertainment and MICE precinct one of the largest and most diverse integrated destinations in the world. GEG is also planning to develop a world class leisure and recreation destination resort on a 2.7 square kilometer land parcel on Hengqin adjacent to Macau. This resort will complement GEG's offerings in Macau, and at the same time differentiate it from its peers while supporting Macau in its vision of becoming a World Centre of Tourism and Leisure.
In July 2015, GEG made a strategic investment in Societe Anonyme des Bains de Mer et du Cercle des Etrangers a Monaco, a world renowned owner and operator of iconic luxury hotels and resorts in the Principality of Monaco. GEG continues to explore a range of international development opportunities including in Japan and the Philippines.
GEG is committed to delivering world class unique experiences to its guests and building a sustainable future for the communities in which it operates.
Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales.
She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.
