Asia

Galaxy not to raise stake in Wynn Resorts

Published

7 years ago

June 4, 2018

Niji Narayan

Photo credits: https://focusgn.co

Reading Time: < 1 minute

Galaxy Entertainment, the Hong Kong-based entertainment, is not going to increase its stakes in the scandal-ridden Wynn resorts. Galaxy group Chairman Lui Che-Woo refuted speculations that the company is planning to increase its stake in Wynn Resorts from its current 4.9 per cent stake.

Galaxy Entertainment acquired the stake in Wynn in an April move after founder Steve Wynn announced that he was selling off his holdings. Galaxy acquired 5.3 million shares at US$172 a share. “So long as Elaine Wynn remains the largest shareholder, we’re confident that nothing can go wrong. After all, it’s only 4.9 per cent. We’re just here to receive dividends,” Lui told Bloomberg in an interview.

The chairman also said that Galaxy is waiting to see how the Hainan island projects develop, even if there was recent speculation that casinos would not be allowed in the territory. “It’s not easy to start in Hainan unless you are rich, brave and able to see the picture very clearly. We will just wait for policies to become clear,” he said.

Related Topics:

Up Next

La Liga inks deal with ManBetX for Asian cooperation

Don't Miss

Labour strike threatens to disrupt Las Vegas casino operation

Niji Narayan

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.