Galaxy won’t increase stake in Wynn Resorts

Chairman Lui Che-Woo said that Galaxy is not planning to increase its stake in Wynn Resorts.

Macau.- Amid speculations of a full takeover from Galaxy Entertainment in Wynn Resorts, Galaxy’s chairman Lui Che-Woo said that there are no plans to increase the 4.9 per cent stake in the company.

Galaxy Entertainment acquired the stake in Wynn in an April move after founder Steve Wynn announced that he was selling off his holdings. Galaxy acquired 5.3 million shares at US$172 a share. “So long as Elaine Wynn remains the largest shareholder, we’re confident that nothing can go wrong. After all, it’s only 4.9 per cent. We’re just here to receive dividends,” Lui told Bloomberg in an interview.

The chairman also said that Galaxy is waiting to see how the Hainan island projects develop, even if there was recent speculation that casinos won’t be allowed in the territory. “It’s not easy to start in Hainan unless you are rich, brave and able to see the picture very clearly. We will just wait for policies to become clear,” he said.