Report: MGM Resorts International (MGM) Could Scoop Up Wynn’s Boston Casino Location

NYSE: MGM | MGM Resorts International Common Stock News, Ratings, and Charts

MGM – Bloomberg reports that the two sides have had preliminary talks about a potential deal.

MGM Resorts International (NYSE:MGM) may be looking at expanding its lineup by adding a massive casino that’s still in the construction phase. The gaming giant is reportedly taking a look at a potential deal with Wynn Resorts, which is working through some troubles of its own at the moment. 

Bloomberg has the scoop on MGM’s potential deal.

Wynn Resorts Ltd., reeling from allegations of sexual misconduct by its founder, discussed a possible sale of its $2.5 billion casino under construction in the Boston area with MGM Resorts International, according to a person familiar with the conversation.

The talks were preliminary, according to the person, who asked not be named because the discussion was private. Michael Weaver, a spokesman for Wynn Resorts, declined to comment. Bloomberg News reported last week that Wynn’s new chief executive officer, Matt Maddox, was reaching out to other operators about a deal.

Steve Wynn, the founder of Wynn Resorts, stepped down as head of the company earlier this year as the allegation scandal gained steam. Massachusetts regulators still have to approve the company for a gaming license, and that appears to be less of a sure thing. If the investigation reveals that Wynn swept the allegations under the rug as has been alluded to, the company could be found to be unsuitable to hold a gaming license.

A deal with MGM could get the company out of a potentially tricky spot, but there could still be other ramifications down the road for Wynn.

MGM Resorts International shares were unchanged in premarket trading Friday. Year-to-date, MGM has gained 4.97%, versus a 0.05% rise in the benchmark S&P 500 index during the same period.

MGM currently has a POWR Rating of B (Buy), and is ranked #4 of 20 stocks in the Entertainment – Casinos/Gambling category.

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The day of this event (Apr. 13, 2018)
MGM Closing Price$33.97 1.52%
MGM Volume6,061,400
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MGM 1-mo return2.40%
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MGM 1-day return0.46%
MGM 3-day return4.06%
MGM 5-day return1.44%

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