Wynn Resorts' land deal in Macau under investigation


A land deal in Macau involving Wynn Resorts (WYNN) is under investigation by authorities in the region.

Concerns about a $50M payment from Wynn to an entity with potential links to political officials is the focus of the probe.

The land in question is part of the Cotai Strip where Wynn is building its second large casino complex.

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  • Howard Jay Klein
    , contributor
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    The most dangerous single word in the English language applied to anything arising in the casino industry is "links". Over the last 35 years of casino legalization regulators have consistently trotted out the word "links" when real evidence of association or wrongdoing by a potential licensee is no where to be found. But there are always "links" aplenty. "Links" are not facts. Their implications can be ridiculous most recently in the absurd objection by Massachusetts officials to Caesars because of perceived "links" to a presumably unsavory hotel investor in a relatively small project in Vegas. Boston home teamer and sterling local citizen, Gary Loveman, Caesars CEO, was so offended by the implication of a "link" that he withdrew the company's application to be licensed in the state. And rightly so. Wynn has been buffeted over 30 years with one "link" or another--none of which ever resulted in a provable, fact-based case. He's accustomed to dealing with this. Until the facts are known it would be absurd to see this as bearish on the stock. You don't sell good companies on the basis of "links". A deep dive into Wynn's remarkable corporate lifetime appears in the latest issue of http://bit.ly/1j8o40q
    11 Jul 2014, 10:01 AM Reply Like
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