Wynn Las Vegas Failed in Recent Clippers Acquisition Efforts

wynn las vegas

Wynn Las Vegas loves basketball even after the group’s failed efforts in efforts to acquire the Los Angeles Clippers basketball team. However, the bid, initiated by Elaine Wynn, did not miss by much, and now the Las Vegas magnate may be looking for other acquisition targets.

According to Forbes Magazine, Wynn helped start the Las Vegas casino giant nearly 30 years ago with her now ex-husband, Steve Wynn. The matriarch of the empire that bears her name still sits on the board of directors of Wynn Resorts, controls a great deal of the company’s stock, and continues to be an active force in the enterprise. Forbes estimates Wynn’s net worth hovers in the neighborhood of more than $2 billion.

The attempt by Wynn Las Vegas at making a run at buying the Los Angeles Clippers, explained Las Vegas Review Journal reporter, Norm Clarke was backed by a group of savvy investors and notorious personalities. The investment team Oprah Winfrey, music giant David Geffen and Larry Ellison, CEO of the computer giant, Oracle. According to Clarke, while the high-profile investment group anteed up with a legitimate offer of more than $1.5 billion, the team was ultimately sold to former Microsoft billionaire Steve Ballmer, who acquired the Clippers for a reported $2 billion. The amount was just ahead of the amount Wynn Las Vegas offered during its recent failed efforts to acquire the Clippers.

“We came close, but unfortunately no cigar,” Wynn said.

wynn las vegasThe sale price, if approved by three-quarters of NBA owners, the second highest price paid for any sporting team in North America, explained Los Angeles Times reporter James Rainey. The highest price was paid during the acquisition of the Los Angeles Dodgers, which sold for more than $2 billion. Former Clipper owner Donald Sterling was forced to sell the franchise after the 80-year-old real estate maverick received a lifetime ban from the NBA after being accused of racism.

According to Clarke, Wynn is a formidable presence in the shark-infested waters of empire building, and. Clarke explained the following her diverse, she was able to grow her fortune into one of the richest people in the world. While Wynn is reported to have purchased a famous work of art for more than $142 million, it is basketball that revs the engine of the Las Vegas mogul.

“She sits on the Basketball Hall of Fame board of directors,” said Clarke.

Wynn was also a visible part of the crowd that followed University of Las Vegas’ Runnin’ Rebels fame days. In addition, she is close friends with famed Duke coach Mike Krzyzewski, and following the United States’ gold medal victory in the 2008 Olympics, she received a gold medal from Olympic star and NBA standout, Jason Kidd.

“I love Doc Rivers and the Clippers team,” said Wynn following her failed bid to acquire the team.

Wynn Las Vegas failed in its acquisition efforts to buy the Los Angeles Clippers basketball team, however the company is not out of the buying game. With a history of love for the game and a savvy sense of business, there is little doubt Wynn Las Vegas will be in the picture of large acquisitions for the near future.

By Vincent Aviani

Sources:
Las Vegas Review Journal
Forbes
Sports Illustrated

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