Former Wynn CEO Matt Maddox May Be Mulling Downtown Vegas Acquisition

Former Wynn Resorts (NASDAQ:WYNN) CEO Matt Maddox may be sounding to let dorsum into the cassino business. He could be mulling the purchase of a gaming venue inwards downtown Las Vegas to accomplish that objective.

Maddox departed Wynn earlier this year and was replaced inwards the cover distinguish by Craig Billings. Earlier this afternoon, Vital Vegas reported the former Wynn hirer could follow eying a purchase inward “old Vegas.” The conjecture is that Maddox is workings with a local commercial-grade existent land broker as a possible prelude to summons on a casino.

Following his surprising going from the Encore operator, it was believed Maddox, 46, would pursue ventures alfresco the gaming industry. Speculation tied him to Nevada political sympathies and a high-level role with the Las Vegas Raiders.

He didn’t jump off into political sympathies this year, and the Raiders role some speculated he’d be inward the running for — squad chairwoman — was filled past Sandra Frederick Douglass Morgan.

What’s Available Downtown

While the tread of Strip transactions was unanimous o'er the yesteryear yoke of years, the same cannot live said of downtown Las Vegas.

That’s not to say properties inward the Fremont Street country can’t follow had for the redress price. But as Vital Vegas notes, Boyd Gaming — the dominant operator in that respect — isn’t a potential seller. The same is likely true up of Derek Stevens, who controls Circa, The D, and the Golden Gate. The Plaza is also cancelled limits, and that’s also the example for El Cortez.

Binion’s and Four Queens could follow in play, but both are controlled past the same possessor — TLC Casino Enterprises — and, as Vital Vegas reports – there are thorny issues related to to the venues’ belongings assets, which could be off-putting to a prospective suitor.

The potentiality wild identity card could follow Golden Nugget possessor Tilman Fertitta. His Fertitta Entertainment Inc. is in the physical process of developing a unexampled integrated resort on the Strip and could defray some of what’s likely to be a lofty toll mark past unloading Golden Nugget. Interestingly, he purchased a 6.1% inactive stake in Wynn Resorts earliest this month.

Maddox May Need Partner

Maddox’s estimated network worth is inward the $110 meg to $115 jillion range. Impressive, to follow sure, and that enter could reflux and flowing depending upon whether or non he liquidates any remaining Wynn shares he may currently own.

In other words, his personal liquidity state of affairs is stout. But it remains to follow seen how often of it Maddox is willing to position on the line to purchase a gambling casino inward downtown Las Vegas, and at what damage tip such a locus testament modification hands.

Along those lines, it’s possible Maddox could have on a partner to mitigate some of the be of getting a downtown casino, and he’s got the Rolodex to urinate that happen. But it’s simply speculation at this point.