Wynn Resorts sold $927.5 million worth of shares to Macau-based Galaxy Entertainment Group, Wynn Resorts announced Thursday.
Galaxy Entertainment bought 5.3 million primary shares from Wynn Resorts at $175 a share.
“Today’s announcement follows the settlement two weeks ago of longstanding litigation between Wynn Resorts and Universal Entertainment Corp.,” Wynn Resorts said in a statement. “The resolution of that litigation, combined with the new agreement with Galaxy Entertainment Group and the liquidation of Steve Wynn’s shares in the company positions Wynn Resorts for even greater stability, strategic focus and future growth.”
Francis Lui Yiu Tung, Galaxy Entertainment Group vice chairman, said he looks forward to entering a new level in the gaming industry, as the company primarily operates a large portfolio of integrated resort, retail, dining, hotel and gaming facilities in Macau.
“This is a unique opportunity to acquire an investment in a globally recognized entertainment corporation with exceptionally high-quality assets and a significant development pipeline,” Lui said.
Galaxy Entertainment is listed on the Hong Kong Stock Exchange and is a constituent stock of the Hang Seng Index.
Newly appointed CEO of Wynn Resorts Matt Maddox said he is excited to bring on a company with Galaxy Entertainment’s track record.
“It is 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,” Maddox said.