LAS VEGAS—Steve Wynn, former CEO and chairman of the board of directors of Wynn Resorts, has sold all of his shares in the company he founded.
Two long-term institutional investors, both of whom are currently investors in Wynn Resorts, have agreed to purchase the remaining eight million shares. The purchase price of the shares held by Wynn is $175 a share. The two sales, combined with previous sales, effectively eliminate his ownership in Wynn Resorts.
Wynn, who held an approximate 12% stake in the company, resigned in February after accusations of sexual misconduct were leveled against him. He has denied the allegations. Shares of the company dropped following the allegations.
In another transaction, Galaxy Entertainment has agreed to purchase 5.3 million primary shares of Wynn Resorts at a price of $175 a share, resulting in $927,500,000 of gross proceeds to Wynn Resorts.
Galaxy Entertainment Group Vice Chairman Francis Lui said, “This is a unique opportunity to acquire an investment in a globally recognized entertainment corporation with exceptionally high-quality assets and a significant development pipeline.”