{"id":9305,"date":"2019-04-10T09:26:41","date_gmt":"2019-04-10T09:26:41","guid":{"rendered":"https:\/\/www.legitgambling.com\/news\/?p=9305"},"modified":"2019-04-10T09:58:06","modified_gmt":"2019-04-10T09:58:06","slug":"wynn-resorts-terminates-buyout-negotiations-with-crown-resorts","status":"publish","type":"post","link":"https:\/\/www.legitgambling.com\/news\/wynn-resorts-terminates-buyout-negotiations-with-crown-resorts\/","title":{"rendered":"Wynn Resorts Terminates Buyout Negotiations With Crown Resorts"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/www.legitgambling.com\/news\/wp-content\/uploads\/2019\/04\/wynn-resorts-and-crown-resorts.jpg\" alt=\"Wynn Resorts and Crown Resorts\" width=\"300\" class=\"alignright size-full wp-image-9307\" \/>The casino market was surprised yesterday when reports surfaced of a <strong>potential A$10 billion (US$7.1 billion) takeover bid<\/strong> being made by Wynn Resorts to take over <a href=\"https:\/\/www.legitgambling.com\/news\/crown-resorts-report-significant-decline-in-vip-spending\/\">Australia\u2019s Crown Resorts<\/a>. However, less than 24 hours after the news broke, Wynn Resorts has confirmed that it has decided to scrap all negotiations concerning the proposal.<\/p>\n<p>The world\u2019s second largest casino operator made a takeover approach for Crown Resorts in a bid to expand its international reach, given the growth challenges it currently faces in Asia. <strong>The deal could have resulted in Wynn\u2019s acquisition of two Australian casinos, as well as a new casino establishment that is still under construction on the Sydney harbor front<\/strong>.<\/p>\n<p>The takeover could have been a hedge for Wynn against <a href=\"https:\/\/www.legitgambling.com\/news\/morgan-stanley-says-macau-gambling-industry-generate-53-billion-2022\/\">Asia\u2019s gambling epicenter Macau<\/a>, where the company\u2019s licenses are still up for renewal.<\/p>\n<p><strong>Nine News Australia<\/strong><\/p>\n<div style=\"position:relative;height:0;padding-bottom:56.25%\">\n<iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/15GMftHD97Y?rel=0&amp;showinfo=0?ecver=2\" width=\"640\" height=\"360\" frameborder=\"0\" style=\"position:absolute;width:100%;height:100%;left:0\" allowfullscreen><\/iframe>\n<\/div>\n<p>&nbsp;<\/p>\n<h2>Negotiations Leaked by Media<\/h2>\n<p>News of the proposed deal led to <strong>Crown shares jumping 22% to A$14.37 in Sydney<\/strong>, which marked the company\u2019s biggest intraday gain in 12 years. The takeover approach was confirmed by <strong>Angus Gluskie<\/strong> of White Funds Management, a company that holds Crown shares. Gluskie announced that the talks were still in their preliminary stages, requiring more debate on pricing and strategic merit.<\/p>\n<p>Not long after news of the negotiations was leaked to the public by the media, Wynn announced that they have terminated the talks with Crown Resorts. The buyout could have been Australia\u2019s biggest M&#038;A deal in 2019.<\/p>\n<h2>Wynn \u201cInexperienced\u201d With Massive Acquisitions<\/h2>\n<p>Experts are now saying the backtracking could have something to do with Wynn\u2019s lack of experience in pursuing massive deals. <strong>David Bain<\/strong>, analyst with Roth Capital Partners said <a href=\"https:\/\/www.wynnresorts.com\">Wynn Resorts<\/a> had limited experience when it came to massive acquisitions involving such a huge sum of money. Bain said the termination of the talks is actually a positive development for the company. <\/p>\n<p>News of the deal broke late Tuesday, with Crown confirming the confidential negotiations. The company also revealed the price offered by Wynn, saying its board had not yet considered the offer. Wynn initially confirmed the buyout offer, only to issue a statement shortly after that the talks had ended. <\/p>\n<p>Wynn\u2019s backing out of the talks demonstrates a lack of conviction on its part. <strong>Wynn Resort shares declined 3.2% and dropped to $140.21 in New York<\/strong>. The company now joins a list of firms who have jumped the gun in terms of pursuing a major acquisition only to back out a short a while later. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The casino market was surprised yesterday when reports surfaced of a potential A$10 billion (US$7.1 billion) takeover bid being made by Wynn Resorts to take over Australia\u2019s Crown Resorts. However, less than 24 hours after the news broke, Wynn Resorts has confirmed that it has decided to scrap all negotiations concerning the proposal. The world\u2019s [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-9305","post","type-post","status-publish","format-standard","hentry","category-casino"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Wynn Resorts Terminates Buyout Negotiations With Crown Resorts<\/title>\n<meta name=\"description\" content=\"The casino market was surprised yesterday when reports surfaced of a potential takeover bid being made by Wynn Resorts to take over Australia\u2019s Crown Resorts.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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