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.