May 22, 2019 / 1:25 AM / 3 months ago

Wynn Resorts ceases talks with MGM to sell $2.6 billion Massachusetts casino

FILE PHOTO: The Encore Boston Harbor, built by Wynn Resorts, stands beside the Mystic River in Everett, Massachusetts, U.S., April 1, 2019. REUTERS/Brian Snyder/File Photo

(Reuters) - Wynn Resorts Ltd said on Tuesday the company has decided to stop talks with MGM Resorts International to sell its Encore Boston Harbor casino.

“After careful consideration we have agreed to cease discussions with MGM Resorts,” Las Vegas-based Wynn said in a statement, adding it is still committed to opening and operating the 671-room casino.

The two companies announced last week that Wynn Resorts was in talks to sell its nearly finished $2.6 billion (2.04 billion pounds) Encore Boston Harbor casino in Everett, Massachusetts, to rival MGM.

MGM in response said in a statement the company would not continue talks with Wynn Resorts regarding the Massachusetts casino.

“We have noted the anxiety raised by various stakeholders regarding a transaction and this troubles us at MGM ... We think the best course of action is to discontinue discussions concerning this opportunity”, MGM said in the statement.

The Massachusetts Gaming Commission in April fined Wynn Resorts $35 million for not disclosing sexual misconduct allegations against founder and former chief executive officer Steve Wynn, but allowed the casino operator to keep the licence for its Encore Boston Harbor casino due to open in June.

Reporting by Sathvik N in Bengaluru; Editing by Sandra Maler

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