Wynn Resorts Ltd (WYNN)

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Wynn Resorts No Longer Pursuing Sale of Its Boston Casino to MGM
By: Forbes | May 22, 2019

Wynn Resorts announced in a statement Tuesday night that talks with MGM Resorts about a potential sale of its newly built $2.6 billion casino outside of Boston have come to an end without a deal.

“After careful consideration we have agreed to cease discussions with MGM Resorts. We remain committed to opening and operating Encore Boston Harbor as only Wynn Resorts is able to do,” the company said.

The announcement comes only days after the companies released a joint statement about Wynn exploring a sale of its Encore Boston Harbor Casino, which has 671 rooms and is slated to open in June, to MGM.

Elaine Wynn, the billionaire cofounder of Wynn Resorts, is currently worth $2.1 billion. She became the largest shareholder of the company in March 2018 after her two-time ex-husband, Steve Wynn, currently worth $3 billion, sold his stake and resigned as CEO after allegations of sexual misconduct came to light. The shake-up came after a Wall Street Journal investigation revealed a years-long history of allegations against Steve Wynn that were followed by financial settlements to multiple accusers. Steve Wynn has denied all allegations of sexual misconduct.

The potential deal was a head-scratcher to many casino watchers because the Massachusetts Gaming Commission, after a yearlong investigation into how Wynn Resorts did not disclose the multiple sexual misconduct allegations against Wynn, ruled in late April that Wynn Resorts could keep its Massachusetts gaming license—if it pays a $35 million fine and complies with other conditions.

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