Wynn Rumors, Including Steve, Hover Around Celtics Sale

Posted on: September 11, 2024, 11:32h. 

Last updated on: September 11, 2024, 11:54h.

Todd Shriber @etfgodfather Read More
Expertise: Financial, Gaming Business, Mergers and Acquisitions.

The defending NBA champion Boston Celtics are for sale and purported bidders could include Wynn Resorts (NASDAQ: WYNN) and Steve Wynn, the founder of the gaming company.

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Boston Celtics star Jayson Tatum celebrates a play. There’s unfounded speculation that Wynn Resorts or Steve Wynn could be interested in buying the team. (Image: Getty)

On a recent edition of “The Greg Hill Show,” Boston sports talk radio host Courtney Cox said there are three finalists who could acquire the Celtics: Amazon founder Jeff Bezos, Boston Red Sox President Sam Kennedy, and Encore Boston Harbor. Located in Everett, Mass., Encore Boston Harbor is Wynn’s lone US casino hotel outside of Las Vegas. The property is the holder of the first sportsbook license in state history.

Kennedy’s potential involvement implies it would be Fenway Sports Group, which owns the Red Sox and the NHL’s Pittsburgh Penguins, among other sports interests, that makes a bid.

Bezos being interested in the Celtics isn’t surprising as he’s long coveted a professional sports franchise. Last year, he was among the bidders for the NFL’s Washington Commanders, but the team was ultimately sold to another group.

Wynn Resorts Buying Celtics Seems Iffy

The unidentified source cited by Cox isn’t from Boston and Wynn hasn’t commented on any interest in buying the Celtics or any other professional team.

Financially, buying the historic NBA team could be burdensome to Wynn, particularly at a time when the operator is building what could be the first casino resort in the United Arab Emirates (UAE) and is pursuing a gaming license in the New York City area. The Celtics are worth an estimated $4.7 billion, making the team the fourth-most valuable in the NBA. That’s more than half of Wynn’s current market capitalization of $8.29 billion.

Speculation that the gaming company could be mulling a bid for the team may be attributable to the operator’s hopes of expanding Encore Boston Harbor and the surrounding area. There’s been chatter that such an effort, if approved, could include a new arena for the Celtics and Boston Bruins. There’s also been scuttlebutt that the basketball team could relocate its offices to Everett.

As for the NBA allowing an owner with gaming interests, that’s not an issue. Golden Nugget boss Tilman Fertitta owns the Houston Rockets and Dr. Miriam Adelson and Patrick Adelson recently acquired majority control of the Dallas Mavericks. Adelson is the largest Las Vegas Sands (NYSE: LVS) shareholder, and Dumont is president and chief operating officer of that gaming company.

Steve Wynn an Unlikely Bidder

Born in Connecticut, Steve Wynn is a native New Englander and could well be a Celtics fan, but for now, his possible involvement in acquiring the Celtics appears to be mere speculation.

He’s 82 years old and his net worth of $3.7 billion implies he’d have to take on significant debt to meet the asking price for the Celtics, which is expected to easily set an NBA record. Wynn also no longer has ties to the gaming company bearing his surname.

Assuming the Celtics’ sale price were to approach $5 billion, that might be too rich for Wynn’s blood, but it would be easily affordable for Bezos. One of the richest people in the world, Bezos is worth an estimated $190.4 billion.