Steve Wynn sells the last of his stake in Wynn Resorts

Steve Wynn has sold the last of his stake in the casino company that bears his name.The company also said it h...

Posted: Mar 23, 2018 6:01 PM
Updated: Mar 23, 2018 6:01 PM

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.

Related: Wynn Resorts shakes up board as legal woes drag on

Wynn has continually denied the allegations made against him, calling them "preposterous." When he resigned from the company he said that he intended to continue to hold his shares

The allegations against Wynn have prompted investigations by gaming regulators in Macau, Nevada and Massachusetts, which could put some of its casino licenses at risk.

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.

Indiana Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 34830

Reported Deaths: 2143
CountyConfirmedDeaths
Marion9900581
Lake3639190
Allen166269
Cass15877
Elkhart132228
St. Joseph128634
Hendricks117171
Hamilton116293
Johnson1115109
Madison59359
Porter54328
Bartholomew51535
Clark50541
LaPorte43824
Howard41528
Tippecanoe4143
Jackson3921
Delaware38539
Shelby37322
Hancock34027
Floyd31839
Boone31535
Vanderburgh2822
Morgan28024
Montgomery24517
Noble23721
White2378
Clinton2331
Decatur22431
Grant21323
Dubois1993
Harrison19422
Henry18411
Greene16925
Vigo1698
Dearborn16821
Warrick16628
Monroe16612
Lawrence16524
Kosciusko1501
Miami1401
Putnam1377
Jennings1304
Orange13022
Scott1203
Marshall1112
Franklin1108
Ripley1096
Carroll932
Daviess9216
Wayne855
LaGrange842
Steuben842
Wabash792
Fayette787
Newton7810
Jasper681
Jay530
Washington521
Clay511
Fulton491
Randolph483
Rush472
Pulaski460
Jefferson451
Whitley433
Starke393
DeKalb371
Sullivan361
Owen351
Perry330
Brown331
Wells320
Benton310
Huntington282
Knox280
Blackford262
Tipton251
Crawford240
Fountain212
Switzerland200
Spencer201
Parke180
Gibson172
Adams171
Posey160
Ohio130
Warren121
Martin110
Vermillion100
Union90
Pike60
Unassigned0167
West Lafayette
Clear
90° wxIcon
Hi: 92° Lo: 71°
Feels Like: 90°
Kokomo
Clear
87° wxIcon
Hi: 88° Lo: 70°
Feels Like: 88°
Rensselaer
Clear
90° wxIcon
Hi: 90° Lo: 69°
Feels Like: 90°
Fowler
Clear
90° wxIcon
Hi: 90° Lo: 70°
Feels Like: 90°
Williamsport
Clear
89° wxIcon
Hi: 90° Lo: 70°
Feels Like: 89°
Crawfordsville
Clear
85° wxIcon
Hi: 88° Lo: 69°
Feels Like: 85°
Frankfort
Overcast
89° wxIcon
Hi: 89° Lo: 69°
Feels Like: 89°
Delphi
Clear
88° wxIcon
Hi: 90° Lo: 70°
Feels Like: 88°
Monticello
Clear
88° wxIcon
Hi: 90° Lo: 70°
Feels Like: 88°
Logansport
Clear
88° wxIcon
Hi: 89° Lo: 69°
Feels Like: 88°
Heat and Humidity Return Today.
WLFI Radar
WLFI Temps
WLFI Planner

COVID-19 Important links and resources

As the spread of COVID-19, or as it's more commonly known as the coronavirus continues, this page will serve as your one-stop for the resources you need to stay informed and to keep you and your family safe. CLICK HERE

Closings related to the prevention of the COVID-19 can be found on our Closings page.

Community Events