Wynn sold 4.1 million shares of the company according to a regulatory filing submitted to the securities and exchanges commission.
This sale reduced Wynn’s stake in the business from 11.78% to 7.8% ending his tenure as the largest shareholder in the company dropping him down to third place. Wynn’s ex-wife Elaine Wynn now holds that title, holding a 9.26% stake in her former husband’s business.
On Wednesday shares in Wynn Resorts Ltd. closed at about $179, making Wynn’s proceeds from the sale worth approximately $716 million.
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 in a given quarter.
Scattered reports speculate that Wynn Resorts may be taken over by a rival business following Wynn’s departure.
Wynn himself is still facing investigation over the allegations by gaming regulators in three separate areas: the US states of Nevada & Massachussetts and internationally in Macau, where Wynn Resorts operates a number of hotels.
