Steve Wynn has sold the last of his stake in the casino company that bears his name.
The company also said it has a new investor who currently operates casinos in Macau.
Steve Wynn, who resigned as CEO of Wynn Resorts in February after the Wall Street Journal reported allegations of sexual misconduct, sold 3 million shares of the company's stock in a private transaction to institutional investor T. Rowe Price for about $530 million on Thursday. He sold an additional 5 million shares of stock to another institutional investor -- Capital Research and Management Co. -- for $875 million, according to a filing by Wynn.
He started selling his shares on Wednesday when he sold 4 million shares on the open market. All told he received $2.1 billion for his stake.
The sales had pushed down the value of the stock nearly 5% in the last two days, although shares were rebounded about 3% in morning trading Friday.
The company declined to comment on Wynn's sale. It did announce it sold an additional 5.3 million shares of its stock for $927.5 million to Galaxy Entertainment Group, which operates three major casinos in Macau.
"It is an honor to have such a distinguished company as Galaxy Entertainment as a shareholder," said Wynn Resorts CEO Matt Maddox.
"This is a unique opportunity to acquire an investment in a globally recognized entertainment corporation," said Francis Lui, vice chairman of Galaxy, in a statement issued by Wynn Resorts.
The company will use the proceeds of that stock sale to pay off $800 million of short-term debt.