Home » VT News » VT Exclusive: Wynn Out Bids Elad Properties in New Frontier Deal

VT Exclusive: Wynn Out Bids Elad Properties in New Frontier Deal

By Chuckmonster on Sunday, 1st April 2007 2:08am
  » filed under Las Vegas  comments: 0

   

We got an extremely shocking email from a Wynn Resorts insider claiming that Wynn Resorts has swooped into the New Frontier/Elad deal at the last minute with a monster stock and cash swap offer for the New Frontier property. Our source states that Wynn's offer of $1.78 Billion dollars in cash and stock has been verbally accepted by New Frontier owner Phil Ruffin and the paperwork is merely a formality at this point. Being a skeptical bunch of Trippers, we did a little cybersnooping and found that the email address belongs to a real person and the email headers/IP address are not spoofed.

The source also mentioned this deal is also setting the stage for an expanded relationship between Wynn Resorts and Donald Trump that very well may be the beginnings of a Wynn purchase of Trump Plaza Atlantic City. Donald Trump is owner of the Trump International condo project on the New Frontier's back parking lot. Not but yesterday Phil Ruffin mentioned in an interview with the Review-Journal that he regretted passing up on a Wynn Resorts stock swap offer for the New Frontier property a few years ago.

We wouldn't believe this either except it came from some loose lips inside of Wynn Resorts.



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