According to a recent report, MGM Resorts International is showing an interest in the company, but talks have yet to officially start. One person close to the matter, says that WYNN CEO Matt Maddox would be willing to sell for the right price. This source says there’s a 50% chance that MGM scoops up the company in the next few months.
Several other sources are also saying that they are expecting MGM to make a bid for Wynn Resorts. However, there are others warning that MGM may lose interest in the company and that no deal will take place.
MGM CEO James Murren said back in February that he doesn’t have any interest in obtaining Wynn Resorts. Despite this, the rumors persists. That’s likely due to a recent change at WYNN. Founder Steve Wynn resigned back in February and has now sold off his entire stake in the gaming company, reports The New York Post.
“I think Wynn might actually be acquired by another casino company now that Steve Wynn has stepped down from his operating role in the wake of those admittedly disturbing sexual misconduct allegations,” Jim Cramer told TheStreet.com. “I think it’s a natural takeover target for, say, Las Vegas Sands Corp. or even MGM. It doesn’t rally 10 bucks in one session idly for nothing.”
WYNN stock started out up 1% when the markets opened today, but is now down slightly as of Friday morning. MGM stock is on the move as well and is currently down 2% as of Friday morning.
As of this writing, William White did not hold a position in any of the aforementioned securities.