Galaxy Entertainment to Buy 4.9% Stake in Wynn Resorts

   By Joanne Chiu

Macau casino operator Galaxy Entertainment Group Ltd. (0027.HK) has agreed to take a 4.9% stake in Nasdaq-listed Wynn Resorts Ltd. (WYNN) for $927.5 million.

The Hong Kong-listed casino and hotel operator said after markets closed Friday that it will buy 5.3 million shares of Wynn Resorts from Deutsche Bank Securities Inc. at $175.00 each, a 0.3% discount to the stock's trading price on Thursday.

The stake purchase by rival Galaxy comes as the company's founder and namesake, Steve Wynn, separately sold his entire stake in Wynn Resorts. Mr. Wynn resigned last month as chairman and chief executive of the company following a January article in The Wall Street Journal that detailed allegations of a decadeslong pattern of his sexual misconduct against employees.

Galaxy Entertainment said it expects to close the deal on April 3 and plans to fund the purchase with internal resources and bank borrowings.

Write to Joanne Chiu at joanne.chiu@wsj.com

(END) Dow Jones Newswires

March 23, 2018 06:40 ET (10:40 GMT)

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