Wynn sells up Wynn Resorts shares for $2bn

23 March 2018

Las Vegas casino mogul Steve Wynn has sold his entire stake in the Wynn Resorts company he founded for an estimated $2.14bn (€1.7bn).

Wynn, whose company operates five casinos in Las Vegas and Macau, took the step after allegations about sexual misconduct emerged earlier this year. He stepped down from his position as chief executive in February after a Wall Street Journal reported accused him of sexual misconduct.

Wynn Resorts said in a statement that Wynn, who founded the company in 2002, is to sell his remaining eight million shares to two existing investors for $175 a share. It said Macau casino operator Galaxy Entertainment would pay $927.5m for around five million shares in the company.

Wynn sold around four million shares for $180 on the open market.

Wynn said that the two sales, combined with previous sales by Wynn, “effectively eliminate his ownership in Wynn Resorts.”

Francis Lui, Galaxy’s vice-chairman, said: “This is a unique opportunity to acquire an investment in a globally recognised entertainment corporation with exceptionally high quality assets and a significant development pipeline.”

Matt Maddox replaced Wynn as chief executive of Wynn Resorts earlier this year. While Wynn has not entered the online gaming sector in the US, it did apply for a licence in New Jersey 2014.

Related article: Wynn Resorts names Billings as new CFO