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CNBC / Biz - Money

'Prestigious' Wynn properties would be a great trophy for Asian conglomerates, investor says

Asian conglomerates would pay "premium" prices for the "trophy" purchase of Wynn properties, according to Matthew Ossolinski.


    Wynn likely decided to 'rip off the bandages' on departure    10:43 PM ET Wed, 7 Feb 2018 | 04:21

    Steve Wynn's resignation as CEO and Chairman of Wynn Resorts has made the properties a prime target, now more so than ever, according to one investor.

    "Acquisition target? Absolutely," Matthew Ossolinski, chairman of Ossolinski Holdings, told CNBC Thursday while discussing the future of Wynn's empire.

    "These are some of the most prestigious casino properties in all of Asia, and this would be a jewel in the crown for a large Asian conglomerate which would be happy to, I think, pay a premium to have this sort of prestigious trophy buy," he said.

    Jessica Rinaldi | Boston Globe | Getty Images

    Steve Wynn during a press conference in Medford, Mass., on March 15, 2016.

    That's nothing new, according to Ossolinski, who said that Wynn Resorts "has always been a takeover target, as is Las Vegas Sands."

    But the chances of a deal may have shifted with Wynn's exit.

    "The difference is that he's gone and he wouldn't be there to fight a potential takeover. So there's nobody standing in the way of a potential takeover now," said Ossolinski, whose firm is a global emerging markets fund that invests in the gaming sector.

    Wynn Resorts announced Tuesday evening that it had appointed Matt Maddox, who had been the company's president, to be the CEO. Ossolinski said the gambling giant is well positioned to handle the change in leadership.

    "No global gaming company is better positioned with succession planning than Wynn Resorts. So there's going to be a very smooth transition here and almost seamless from the customer's point of view."

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