Wynn forms subsidiary to develop hotels outside of Las Vegas
LAS VEGAS (Reuters) - Wynn Resorts Ltd (WYNN.O) will form a new subsidiary to develop hotels and casinos outside Las Vegas, to be headed by Gamal Aziz, the former president and CEO of MGM Hospitality, chairman Steve Wynn said on Monday.
The formation of Wynn Resorts Development LLC, continues Wynn's efforts to expand beyond Las Vegas, after opening properties in Macau, the world's largest gambling destination, and announcing plans to build a casino in the island's area known as the Cotai strip.
Steve Wynn said the company needed to expand its leadership given its activities in North America and Cotai, and Gamal would work with him to develop and operate future resorts.
The subsidiary would also oversee plans to develop casinos and hotels in Philadelphia and in Everett, Mass., according to Wynn spokeswoman Deanna Pettit-Irestone.
Aziz previously worked with Wynn on developing the Bellagio hotel and casino in Las Vegas, which opened in 1998. He then spent 15 years at MGM, where he helped secure 27 hotel projects around the world, according to Wynn Resorts.
(Reporting by Timothy Pratt; Editing By Cynthia Johnston and Richard Pullin)
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