April 12, 2018 / 6:39 PM / 5 months ago

Wynn Resorts in talks to sell Boston Harbor property to MGM: WSJ

(Reuters) - Casino operator Wynn Resorts Ltd WYNN.N is in talks to sell its partially built Boston Harbor resort to rival MGM Resorts International (MGM.N), the Wall Street Journal reported, citing people familiar with the matter.

FILE PHOTO: Construction continues on the new Wynn Resort and Casino in the Boston suburb of Everett, Massachusetts, U.S., January 31, 2018. REUTERS/Brian Snyder

The talks are at an early stage and may not result in a deal, the report said. The Boston Harbor resort is scheduled to open next year and would cost about $2.5 billion to build.

MGM has been planning to open a casino in Springfield. However, regulatory issues surrounding a potential deal would be complex as Massachusetts forbids companies from operating more than one casino in the state, the report said.

A spokesman for MGM said while the company was committed to the “opening and success of MGM Springfield”, it does not comment on rumor or speculation.

Wynn Resorts declined to comment.

The deal talks follow the exit of Steve Wynn, the former chief executive of Wynn Resorts, in February, following claims he subjected women who worked for him to unwanted advances. Wynn has denied the accusations.

In March, Wynn disposed his entire 11.8 percent stake in the firm that he founded over 16 years ago for $2.1 billion.

Shares of both MGM and Wynn were up about 4 percent in late afternoon trading.

Reporting by Ankit Ajmera in Bengaluru; Editing by Arun Koyyur

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