Wynn Resorts ends talks to buy out Australian casino operator

Business News

Wynn Resorts has ended discussions with Crown Resorts about a buyout Tuesday after Austrailia’s largest casino operator gave word about the negotiations.

In a statement released Tuesday morning, Wynn Resorts company spokesman Michael Weaver said, “Following the premature disclosure of preliminary discussions, Wynn Resorts has terminated all discussions with Crown Resorts concerning any transaction.”

Crown Resorts said Monday that it was in “preliminary” discussions with Wynn Resorts and had received a $7.1 billion offer in cash and shares.

Crown owns and operates Crown Melbourne Entertainment Complex and Crown Perth Entertainment Complex, two of Australia’s leading resorts. Crown Resorts also owns and operates Crown Aspinalls in London.

The acquisition would have been the first by Wynn Resorts, whose CEO Matt Maddox is forging his own path since taking the helm from founder Steve Wynn in February 2018. Maddox last year canceled plans by his predecessor to invest billions in new projects in Las Vegas.

Wynn Resorts operates four casinos, including two in Las Vegas and two in Macau, and is building a fifth in Boston.