Apr 9, 2019

Wynn Resorts casino deal gets axed after details leak

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.

My thought bubble: If the deal made strategic sense for Wynn before the talks leaked, then it still makes strategic sense one day later. And Crown has been under its own pressures, so don't be surprised if Wynn's pullback is only temporary.

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In photos: How coronavirus is impacting cities around the world

Revellers take part in the "Plague Doctors Procession" in Venice on Tuesday night during the usual period of the Carnival festivities, most of which have been cancelled following the coronavirus outbreak in northern Italy. Photo: Andrea Pattaro/AFP via Getty Images

The novel coronavirus has spread from China to infect people in more than 40 countries and territories around the world, killing over 2,700 people.

The big picture: Most of the 80,000 COVID-19 infections have occurred in mainland China. But cases are starting to surge elsewhere. By Wednesday morning, the worst affected countries outside China were South Korea (1,146), where a U.S. soldier tested positive to the virus, Italy (332), Japan (170), Iran (95) and Singapore (91). Just Tuesday, new cases were confirmed in Switzerland, Croatia and Algeria.

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Debate night: Candidates' last face-off before Super Tuesday

Sanders, Biden, Klobuchar and Steyer in South Carolina on Feb. 25. Photo: Jim Watson/AFP via Getty Images

Sen. Bernie Sanders wanted to keep his momentum after winning contests in New Hampshire and Nevada, while former Vice President Joe Biden hoped to keep his own campaign alive. The other five candidates were just trying to hang on.

What's happening: Seven contenders for the Democratic presidential nomination were in Charleston, South Carolina, for the tenth debate, just days before the South Carolina primary and a week before Super Tuesday. They spoke, sometimes over each other, about health care, Russian interference in the election, foreign policy the economy, gun control, marijuana, education, and race.

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4 takeaways from the South Carolina debate

Former Vice President Joe Biden, right, makes a point during Tuesday's Democratic presidential debate, while Vermont Sen. Bernie Sanders listens. Photo: Win McNamee/Getty Images

The 10th Democratic debate was billed as the most consequential of the primary thus far, but Tuesday night's high-stakes affair was at times awkward and unfocused as moderators struggled to rein in candidates desperate to make one last splash before Saturday's primary in South Carolina and Super Tuesday.

The big picture: After cementing himself as the Democratic favorite with a sweeping win in Nevada, Sen. Bernie Sanders came under fire as the front-runner for the first time on the debate stage. Former New York Mayor Michael Bloomberg, who will be on the ballot for the first time next Tuesday, was a progressive foil once again, but he appeared more prepared after taking a drubbing at the Nevada debate.

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