rtgasia2.gif
rtgasia2.gif
rtgasia2.gif
CLOSE
× Gambling News In-Depth iGaming Calendar Connections GI Friday Trafficology GI Magazine GGA 2019 AffiliateCon
NEWS 22 March 2018

Wynn reduces stake in Wynn Resorts

By Robert Simmons

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.

RELATED TAGS: Financial | Mergers & Acquisitions | Industry
DISCUSS THIS ARTICLE
IN-DEPTH 1 May 2019
Colossus Bets: How the industry can rebrand
The gambling industry has seen relentless marketing battles; but the brand war can be won – and 2019 is the year to make it happen, argues Colossus Bets CCO Eva Karagianni-Goel
READ MORE
PREMIUM CONNECTIONS
VNE