MGM CEO James Murren believes megadeal closing Steve Wynn's "unlikely"
Chief executive officer of rival MGM Resorts International James Murren has declared earlier in the week that a megadeal closing Steve Wynn’s post-resignation turmoil is unlikely.
“It’s a very large organization,” he confided. “It would be difficult to believe some entity is going to have the financial wherewithal to make a serious bid for them.”
With the ending of an era in the casino industry after the resignation of Steve Wynn in the wake of sexual-misconduct allegations, analysts are speculating on Wynn Resorts’ future. While many have confidence in new CEO Matt Maddox, the company with a market value of $17 billion faces multiple challenges including regulatory probes from Massachusetts to Macau, and possible takeover approaches.
Murren is in Japan to promote MGM’s interest in operating a casino resort there. MGM competes with Wynn in the gambling hubs of Las Vegas and Macau, and both are also vying for a spot to operate casinos in Japan, which recently legalized casinos.
“Everyone admires the assets of Wynn Resorts, as they are very high quality and the company’s management is talented. Still, I don't see a large private-equity-backed happening," said MGM Resorts CEO James Murren.
“I don’t think people are going to see the megadeals,” he said. “Those days are over.”
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