Wynn Wants In On Singapore…Big Time (WYNN, LVS, MGM, BYD, ISLE)
Shares of Wynn Resorts (WYNN), the owner and operator of the Encore and Wynn resorts in Las Vegas, are up 2% after Chairman and CEO Steve Wynn said he is anxious for his company to enter Singapore, the Asian city-state that is likely to soon pass Las Vegas as the world’s second-largest gambling mecca behind only Macau.
Wynn’s comments aren’t having much of an impact on the Casino Stocks Index, which is flat on the day. Regardless, Wynn is eager to see his firm gain a foothold in Singapore where rival Las Vegas Sands (LVS) already owns a casino.
“I’m dying to go to Singapore,” Wynn said in an interview with Singapore’s Business Times. “That’s my next goal in life — to build a hotel in Singapore.” Wynn is already one of the dominant players in Macau, but would have to wait until March 2017 to open a property in Singapore because of an exclusivity period granted by the government to incumbent operators, Reuters reported.
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