Wynn Resorts WYNN 1.47% ’ new partner could turn its no-Wynn situation into a win-win one. The stakes are especially high in Macau, where Wynn makes three-quarters of its revenue, as its license there will expire in 2022. Cutting ties with Mr. Wynn and having a local partner in Galaxy, the second-largest operator in Macau and controlled by Hong Kong tycoon Lui Che-woo, lowers the risk of Wynn not getting its license renewed. Casino mogul Steve Wynn, facing allegations of sexual misconduct, spoke to Wynn Resorts employees and urged them to have pride in the company. But at least for now, Galaxy and Wynn have placed the right bet.

Source: Wall Street Journal March 23, 2018 07:49 UTC