Wynn Resorts' recent $7.1 billion takeover offer for Australia's Crown Resorts signals a change in strategy at the world's second-largest casino operator, analysts told CNBC.
Wynn Resorts' recent $7.1 billion takeover offer for Australia's Crown Resorts signals a changing approach at the world's second-largest casino operator, analysts told CNBC.
Crown Resorts announced on Tuesday that it was negotiating a possible acquisition by Wynn, but the latter later terminated the talks citing the"premature disclosure of preliminary discussions." Adam Dawes, senior investment advisor at financial services company Shaw and Partners, agreed that the move could be attributed to a change in management.
Crown's stock closed at A$12.77 per share , down from Tuesday's gains, but still more than 8 percent higher than its closing price on Monday before the offer was leaked."When we first heard the news of the transaction, our first initial response was that the addition of the assets of Crown to Wynn's overall portfolio would be a positive thing for Wynn from ... both an operational and a strategic perspective.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Wynn Resorts Ends Talks With Crown Resorts After Premature DisclosureWynn Resorts said it has walked away from talks on a potential $7.1 billion deal with Crown Resorts, citing the Australian company’s premature disclosure of the discussions.
Read more »
Wynn Resorts Scraps $7 Billion Takeover Talks With Australian Casino Operator
Read more »
Australia's Crown Resorts gets $7.1 billion takeover approach from Wynn ResortsAustralia's Crown Resorts said on Tuesday it was in talks with Las Vegas ri...
Read more »
Wynn Resorts Bids $7.1 Billion for Australia’s Crown ResortsWynn Resorts of Las Vegas offered to buy Australia’s Crown Resorts for about $7.1 billion, in the latest sign that global gambling companies are looking to get bigger as they battle with online gaming.
Read more »
Wynn Resorts confirms 'discussions' with Crown Resorts regarding potential buyout dealWynn Resorts Ltd. confirmed Tuesday that it was in discussions with Crown Resorts Ltd. regarding a potential buyout of the Australia-based gaming giant. Wynn's statement comes after Crown said overnight the companies were in "confidential discussion" about a potential deal, with reports saying Wynn made a bid worth about 10 billion Australian dollars, or the equivalent of roughly $7.1 billion. Crown's stock soared 20% in overseas trading, while Wynn shares slipped 0.6% in light premarket trade. Wynn said in a filing with the SEC Tuesday that there is "no assurance that these discussions will result in a transaction," and that it does not intend to comment further. Wynn's stock has soared 46.5% year to date through Monday, compared with a 15.5% gain for the S&P 500 .
Read more »
Wynn Resorts executives concealed sexual misconduct accusations against Steve Wynn, gaming regulators sayFormer executives at Wynn Resorts covered up years of sexual misconduct allegations against billionaire casino mogul Steve Wynn, according to a report by the Massachusetts Gaming Commission
Read more »
Wynn terminating discussions with Australia's Crown Resorts after deal talks leakedThe world's No. 2 casino operator Wynn Resorts has terminated deal talks with Crown Resorts after those discussions were leaked.
Read more »
Stocks making the biggest moves premarket: Boeing, Disney, Wynn Resorts, Altria, Zogenix & moreSome of the names on the move ahead of the open.
Read more »
Factbox: Synergies and opportunities in Wynn's $7.1 billion buyout play for CrownLas Vegas's Wynn Resorts has made a $7.1 billion takeover offer for Austral...
Read more »
Big Wynn? Vegas giant makes $7.1 billion play for Australia's CrownLas Vegas’s Wynn Resorts makes $7.1 billion buyout play for Australian casino giant Crown Resorts via byronkaye TSWestbrook
Read more »