Wynn's Stock Jumps After JV Deal With Crown Acquisitions

By Tomi Kilgore Markets MarketWatch Pulse

Shares of Wynn Resorts Ltd. hiked up 1.8% in premarket trade Tuesday, after the casino operator announced an agreement with Crown Acquisitions to form a joint venture to operate retail space at Wynn Las Vegas. Under terms of the deal, Crown will pay Wynn $472 million in gross proceeds in two installments, the first of $292 million at closing by year end or early 2017, and $180 million when Wynn Plaza is completed in 2017. Crown will have a 49.9% interest in a portion of Wynn Las Vegas' owned and leased retail. Wynn's stock has run up 32% year to date through Monday, while the S&P 500 has gained 10%.

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