Wynn Resorts casino deal gets axed after details leak

ustralian gambling giant Crown Resorts logo
Australian gambling giant Crown Resorts logo. Photo: William West/AFP/Getty Images

Wynn Resorts offered to buy Australian casino operator Crown Resorts for $7.1 billion, or $14.75 per share (26% premium to yesterday's closing price). Then, within the past hour, it said it was terminating talks because deal details leaked.

Why it matters: Wynn Resorts has been on the ropes since last year's ouster of founder Steve Wynn over sexual assault allegations, and buying Crown could help it become too large to digest for acquisitive Las Vegas rivals. Plus, it reflects a weakening gaming market in Macau, which is currently Wynn's only Asia location.

Betting on the future of sports

Reproduced from Deloitte global survey; Note: 32 respondents were men aged 18–24, 100 were men aged 25–34, 274 were men aged 18–75 (this includes men aged 18–34), and 112 were women aged 18–75; Chart: Axios Visuals

The legalization of sports betting is putting pressure on nearly every company that touches athletics to capitalize on what is expected to be an extremely lucrative new industry. 

What's happening: Casinos, leagues and media are finding ways to get a piece of the action.