Steve Wynn May Have New Partner for Desert Inn, Reuters Says

Edvard Pettersson

Las Vegas, May 24 (Bloomberg) -- Steve Wynn, who last May sold Mirage Resorts to MGM Grand Inc. for $6.4 billion, is close to announcing a partner on his project at the site of the Desert Inn in Las Vegas, Reuters reported, citing unidentified sources.

Wynn has been looking for a new partner on the mega-casino project after Japanese authorities started an investigation of Aruze Corp., a gaming-equipment maker and Wynn's current partner, for alleged tax evasion in January, Reuters said. The investigation could make it difficult for Aruze to get a gaming license in Nevada, Reuters said.

Marriott International Inc. and Loews Corp. turned down Wynn when he approached them about forming a partnership to develop the site, which Wynn acquired last year for $270 million, Reuters said.

Wynn is close to announcing a partnership for a project that would include four hotels and an office park, Reuters said.

(Reuters 5-24)