{"id":74123,"date":"2018-04-01T17:00:38","date_gmt":"2018-04-02T00:00:38","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=74123"},"modified":"2018-04-01T11:56:40","modified_gmt":"2018-04-01T18:56:40","slug":"galaxy-entertainment-confident-of-passing-wynn-deal-probity-checks-in-nevada","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/galaxy-entertainment-confident-of-passing-wynn-deal-probity-checks-in-nevada\/","title":{"rendered":"Galaxy Entertainment Confident of Passing Wynn Deal Probity Checks in Nevada"},"content":{"rendered":"

Macau operator Galaxy Entertainment<\/a> is unconcerned by the Nevada Gaming Commission\u2019s decision to investigate its suitability as an owner of Las Vegas-based casino giant Wynn Resorts.<\/p>\n

\"Galaxy
Galaxy Entertainment\u2019s Deputy Chairman Francis Lui Yiu-tung told Nikkei Asian Review that his company had a very quick window to make a billion-dollar decision on buying Steve Wynn\u2019s stock. The company is happy to be a passive investor in Wynn Resorts, he said. (Image: Galaxy Macau Image Library)<\/figcaption><\/figure>\n

Galaxy Entertainment bought a 4.9 percent stake in Wynn Resorts for just under $1 billion last week from the divestiture of Steve Wynn\u2019s shares. Usually, only entities owning more than 10 percent of a casino in Nevada are subject to such intense regulatory scrutiny, but the Control Board opted to investigate Galaxy, nevertheless.<\/p>\n

In an interview with the Nikkei Asia Review, Deputy Chairman Francis Lui Yiu-tung said he was relaxed about the probe.<\/p>\n

“Galaxy is a blue-chip company,” he said. “We are fully transparent. The regulators always have the right to look into things that might interest them. I am not worried at all.\u201d<\/p>\n

Galaxy Will Be Passive Investor<\/strong><\/h2>\n

Lui revealed that Galaxy Entertainment would not take a seat on the board and, for now, was happy to be a passive investor in the company.<\/p>\n

He also said the sudden nature of Wynn\u2019s divestiture meant the company had to act fast to make the billion-dollar decision to invest.<\/p>\n

“It was a very quick window for us to make the decision” he told NAR. <\/em>“We are very lucky. It was a good opportunity to buy into a prestigious company.<\/strong><\/p><\/blockquote>\n

“They have great quality assets, they are one of the better-run companies in the world and we are happy that we are able to buy a small part of them.”<\/p>\n

Steve Wynn\u2019s status as Wynn Resort\u2019s majority shareholder had become a serious point of concern for the company as a myriad of sexual misconduct allegations began to pile up against him that threatened to jeopardize the company\u2019s licenses.<\/p>\n

But a shareholder\u2019s agreement between Wynn and his ex-wife, Elaine Wynn, prevented him from selling his shares.<\/p>\n

Galaxy Boosts Chances of Macau License Renewal\u00a0<\/strong><\/h2>\n

A judge in Nevada initially refused to annul the shareholder\u2019s agreement because it was too closely tied up in ongoing litigation between both Wynns and Japan\u2019s Universal Entertainment.<\/p>\n

Wynn Resorts was so desperate to safeguard its licenses that it paid Universal $2.4 billion<\/a> to settle that lawsuit and allow its disgraced former chairman and CEO to sell his shares.<\/p>\n

Galaxy\u2019s acquisition of those shares made perfect sense for Wynn Resorts and its shareholders. Macau\u2019s gambling licenses are up for review in 2022 and the tie-up with a local partner reduces the risk of being turned down for a license renewal.<\/p>\n

“It is a win-win,\u201d said Lui. \u201cYes, I think we have given them something they value and I think in return we are investing in a very nice company.”<\/p>\n","protected":false},"excerpt":{"rendered":"

Macau operator Galaxy Entertainment is unconcerned by the Nevada Gaming Commission\u2019s decision to investigate its suitability as an owner of Las Vegas-based casino giant Wynn Resorts. Galaxy Entertainment bought a 4.9 percent stake in Wynn Resorts for just under $1 billion last week from the divestiture of Steve Wynn\u2019s shares. Usually, only entities owning more […]<\/p>\n","protected":false},"author":42,"featured_media":74132,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,18],"tags":[],"acf":[],"yoast_head":"\nGalaxy Entertainment Confident of Passing Wynn Deal Probity Checks<\/title>\n<meta name=\"description\" content=\"Galaxy Entertainment Deputy Chairman Francis Lui Yiu-tung says his company is happy to be a passive investor in Wynn Resorts.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Galaxy Entertainment Confident of Passing Wynn Deal Probity Checks\" \/>\n<meta property=\"og:description\" content=\"Galaxy Entertainment Deputy Chairman Francis Lui Yiu-tung says his company is happy to be a passive investor in Wynn Resorts.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/galaxy-entertainment-confident-of-passing-wynn-deal-probity-checks-in-nevada\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2018-04-02T00:00:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2018-04-01T18:56:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/03\/francis.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"900\" \/>\n\t<meta property=\"og:image:height\" content=\"599\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Casino.org Staff Writer\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Casino.org Staff Writer\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/galaxy-entertainment-confident-of-passing-wynn-deal-probity-checks-in-nevada\/\",\"url\":\"https:\/\/www.casino.org\/news\/galaxy-entertainment-confident-of-passing-wynn-deal-probity-checks-in-nevada\/\",\"name\":\"Galaxy Entertainment Confident of Passing Wynn Deal Probity Checks\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/galaxy-entertainment-confident-of-passing-wynn-deal-probity-checks-in-nevada\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/galaxy-entertainment-confident-of-passing-wynn-deal-probity-checks-in-nevada\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/03\/francis.jpg\",\"datePublished\":\"2018-04-02T00:00:38+00:00\",\"dateModified\":\"2018-04-01T18:56:40+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/8c48bf89dc86da77b4d856c7b3b78d77\"},\"description\":\"Galaxy Entertainment Deputy Chairman Francis Lui Yiu-tung says his company is happy to be a passive investor in Wynn Resorts.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/galaxy-entertainment-confident-of-passing-wynn-deal-probity-checks-in-nevada\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/galaxy-entertainment-confident-of-passing-wynn-deal-probity-checks-in-nevada\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/galaxy-entertainment-confident-of-passing-wynn-deal-probity-checks-in-nevada\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/03\/francis.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/03\/francis.jpg\",\"width\":900,\"height\":599,\"caption\":\"Galaxy Entertainment\u2019s Deputy Chairman Francis Lui Yiu-tung told Nikkei Asian Review that his company had a very quick window to make a billion-dollar on buying Steve Wynn\u2019s stock. 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