Embattled former Wynn Resorts CEO and founder Steve Wynn, who was forced to resign from his role as the companies CEO last month amid sexual misconduct allegations has lowered his shareholding in the casino resort developer.
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.