MGM Shares Rise on Talks Company Could Buy Wynn
The New York Post on Friday was reporting that MGM is considering buying Wynn Resorts.
A source tells the NY Post that Wynn CEO Matt Maddox could be tempted to sell if the price was right.
Other sources told the Post that MGM still has time to change its mind and that no official talks have occurred.
Wynn Resorts spokesperson Michael Weaver told CNBC that "Wynn has not had any discussion with MGM or its advisors about a sale of the company."
Following a premarket bounce, Wynn shares fell 0.5 percent early Friday and MGM's stock fell 2.3 percent.
Wynn Resorts was rocked by a sex scandal involving its former CEO and namesake Steve Wynn that ultimately forced the casino magnate to resign.
Wynn Resorts said last month Wynn no longer holds a stake in the company after he agreed to sell all his remaining 8 million shares.
- Aaron Goldstein, Gambling911.com
