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NEWS 19 March 2018

Wynn is given the go-ahead to dispose of shares

By Caroline Watson

A regulatory filing posted late last week detailed that Steve Wynn is now free to sell all, or a portion of his stake in the company.  

According to Thomson Reuters Eikon data, Steve Wynn is the largest shareholder in the company, owning approximately 11.8% of the casino operator, followed by his former wife who has a 9.3% stake.

Due to a prior agreement with Wynn Resorts, Wynn was not allowed to dispose more than one-third of the shares he holds in the company. However, the former CEO and his wife dissolved the agreement, as disclosed by CNBC.

It’s been over a month since Wynn resigned from his roles as CEO and Chairman of the company amid allegations of sexual misconduct.

Wynn previously served as CEO and Chair of Mirage Resorts before founding Wynn Resorts in 2002, turning the company into a multinational multi-billion dollar enterprise and amassing a personal fortune of over $3.3bn. 

At the time at which the news broke, Wynn released a statement, saying: "In the last couple of weeks, I have found myself the focus of an avalanche of negative publicity.

“As I have reflected upon the environment this has created — one in which a rush to judgment takes precedence over everything else, including the facts — I have reached the conclusion I cannot continue to be effective in my current roles.” 

RELATED TAGS: Land-Based | Industry | Legal & Regulatory | Financial | Casino
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