Galaxy Entertainment Group (GEG) Vice Chairman Francis Lui has told Inside Asian Gaming that Wynn Resorts is a “good competitor” that does things right after his company snapped up a 4.9% stake in the company on Friday morning.
Asked by IAG about the purchase of 5.3 million shares in the integrated resort giant – one of Galaxy’s main rivals in Macau – Lui said that Galaxy has “always considered Wynn a good competitor who knows how to do things right. We’re glad that Galaxy was given the opportunity to become an investor of this great company.”
Wynn Resorts operates two integrated resorts in Asia’s gaming hub – Wynn Macau on the peninsula and Wynn Palace in Cotai.
Galaxy announced on Friday that it had agreed to purchase 5.3 million shares at US$175 per share for a total of US$927.5 million, equivalent to a 4.9% stake.
It came just hours after Wynn Resorts founder Steve Wynn sold 4.1 million of his 12.1 million shares, reducing his own stake from 12.1% to 7.8%.
Wynn Resorts subsequently announced that it had granted permission for Wynn to sell his remaining stake to two of its long-term institutional investors, ending his official association with the company.
Wynn Resorts CEO Matt Maddox said on Friday that it was “an honor to have such a distinguished company as Galaxy Entertainment as a shareholder which shares many of the same core operating philosophies and values.”
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