The Orlando Hotel Company is seeking $1.9 billion to acquire a controlling stake in two hotels.
The deal would give the company a controlling interest in the $3.2 billion Wynn Resorts International hotel, which opened in 2012, and $1,965 million in a casino, casino resorts and sports-casino company, Wynn Entertainment.
The company has also been exploring a bid to buy out a minority stake in Wynn.
Orlando Mayor Buddy Dyer said the company’s offer is significant and is a way to ensure that the city’s financial health continues to be a priority for Wynn and the community.
“This is a good start for Orlando,” Dyer told reporters.
“We want to keep Orlando a vibrant, vibrant city, and the fact that Wynn has an ownership stake gives us the opportunity to build on that.”
Orlando officials had hoped to begin negotiations by the end of the year.
The two cities had agreed to a $1-billion deal last year that would have made Wynn the majority shareholder of the Orlando-based hotel chain.
The $1 in cash would have increased the company to $2.8 billion, but it is still unclear whether Wynn would have retained the majority shareholding, or whether the company would have been able to take the casino and resorts businesses.
The combined company, known as Wynn, has more than 2,000 hotels and casinos in more than 30 countries.
The Wynn-owned Orlando City Soccer Club and Orlando Pride are the latest players in a $5 billion entertainment complex that is expected to open this summer.
Wynn said it would not comment on the proposal, but in a statement said it will consult with stakeholders in the city.
“The agreement will enable us to continue investing in Orlando and expand our footprint there, and we are looking forward to continuing to be part of the community,” the company said.
Wynm has been in talks with several potential buyers, including The Walt Disney Company, but has so far not agreed to any terms with a group.
The transaction comes as the city continues to struggle with a sharp decline in the economy and the loss of jobs in the tourism sector.
The resort’s operating profit fell 11 percent in fiscal 2016, from $1 million in fiscal 2015, according to a report from the Orlando Economic Development Corp. in February.
That marked the third consecutive year of losses.
“When you look at Orlando’s overall economy, that was a pretty solid start,” said John Wrenn, executive director of the nonprofit Orlando Business Alliance.
Orlando Mayor Teresa Jacobs, a Democrat who supports the Wynn deal, called it “a great example of the strong, independent spirit that has been at the core of the Wynns success and our success in this city.” “
I think this is a very good step for the city, a step in the right direction for the company and for the Orlando community.”
Orlando Mayor Teresa Jacobs, a Democrat who supports the Wynn deal, called it “a great example of the strong, independent spirit that has been at the core of the Wynns success and our success in this city.”
“I want to thank the Board of Directors for the great work they’ve done for the community and for Wynns long-term success,” Jacobs said in a prepared statement.
As a city, we need to create more jobs, and Wynns’ investment will help us to do just that.”