Wynn cashes in his casino shares

Steve Wynn, the former CEO of Wynn Resorts, has disposed of his entire 11.8% stake in the group for US$2.1bn in a dramatic exit of the casino and hotel enterprise he founded more than 16 years ago.

In an unexpected separate move, Galaxy Entertainment has agreed to buy 5.3m primary shares of Wynn Resorts at $175/share, gaining a stake of about 5% in the operator, which has resorts in Las Vegas and Macau. Galaxy is one of six licensed operators in the world’s largest gambling hub, Macau, competing with SJM Holdings, Wynn, Sands China, MGM China and Melco Resorts.

GlaxoSmithKline cans Pfizer plan

GlaxoSmithKline has withdrawn from the race to buy Pfizer’s consumer health-care business, the UK drugs company says. This endangers an auction for an asset some said could fetch as much as $20bn. GlaxoSmithKline was considered the frontrunner to buy the asset, which includes Advil painkillers and Centrum vitamins, after main rival Reckitt Benckiser quit the race earlier last week.