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Galaxy Entertainment acquires stake in Wynn Resorts as founder sells out

26th March 2018 6:28 am GMT

Hong Kong-listed casino operator Galaxy Entertainment Group has acquired a 5 per cent stake in US operator Wynn Resorts for $927.5m, while the company’s co-founder and former CEO Steve Wynn has sold his remaining holdings in a separate deal.

Galaxy Entertainment, one of six licensed operators in Macau along with Wynn Resorts, has agreed to purchase 5.3m primary shares in Wynn at a price of $175 a share, resulting in gross proceeds [...]

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