{"id":3638,"date":"2018-03-23T07:40:23","date_gmt":"2018-03-23T07:40:23","guid":{"rendered":"https:\/\/www.casinosrealmoney.com\/?p=3638"},"modified":"2018-03-23T07:40:23","modified_gmt":"2018-03-23T07:40:23","slug":"steve-wynn-plans-to-sell-entire-stake-in-his-casino-company","status":"publish","type":"post","link":"https:\/\/www.casinosrealmoney.com\/news\/steve-wynn-plans-to-sell-entire-stake-in-his-casino-company\/","title":{"rendered":"Steve Wynn Plans to Sell Entire Stake in His Casino Company"},"content":{"rendered":"<p>According to <a href=\"https:\/\/wynnresortslimited.gcs-web.com\/press-releases\" target=\"_blank\" rel=\"noopener noreferrer\">Wynn Resorts press<\/a>, former chief executive of <a href=\"http:\/\/www.wynnresorts.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Wynn Resorts<\/a> and casino magnate Steve Wynn sold his remaining eight million shares in the company, a move that saw him sever his ties with the gambling powerhouse that he started 16 years ago. <strong>Wynn sold his shares \u2013 amounting to 11.8 percent stake in the firm \u2013 for $2.1 billion just a day after he sold about 4.1 million of his shares for approximately $740 million.<\/strong><\/p>\n<p>The shares sale also comes a week after Wynn Resorts reported that Mr Wynn and his ex-wife, Elaine Wynn had scrapped a shareholder agreement and this denied them the right to sell their stakes. <strong>Elaine Wynn has a 9.26 percent in the company<\/strong>.<\/p>\n<p><a href=\"http:\/\/www.galaxyentertainment.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Galaxy Entertainment<\/a>, a renowned Macau casino operator and one of Wynn\u2019s competitors offered to buy <strong>5.3 million Wynn Resorts shares for $175<\/strong> a share during the same period. The agreement will give Galaxy Entertainment a <strong>5 percent stake<\/strong> in the company that currently operates resorts in both Macau and Las Vegas.<\/p>\n<p>Galaxy Entertainment and Mr Wynn delivered a joint statement after the sale on Wednesday with Francis Lui, Galaxy Entertainment\u2019s vice chairman pointing out that the company had been given the opportunity to <strong>\u201cacquire an investment in a globally recognized entertainment corporation with exceptionally high-quality assets and a significant development pipeline.\u201d<\/strong> Matt Maddox, a Wynn Resorts\u2019 chief executive pointed out that they are welcoming the sale since <strong>both companies have similar core \u201coperating philosophies and values.\u201d<\/strong><\/p>\n<p>Following a Wall Street Journal report that mounted a number of sexual misconduct allegations against him, on February 6 Steve Wynn stepped down as CEO and chairman of the casino and hotel company. Wynn, of course, denied the allegations with the same Wall Street Journal quoting him saying:<\/p>\n<blockquote><p>\u201cThe idea that I ever assaulted any woman is preposterous.\u201d<\/p><\/blockquote>\n<p>Wynn Resort shares have already taken a hit, a four percent drop to be precise, after news of Steve Wynn\u2019s plan to divest reached the public.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>According to Wynn Resorts press, former chief executive of Wynn Resorts and casino magnate Steve Wynn sold his remaining eight million shares in the company, a move that saw him sever his ties with the gambling powerhouse that he started 16 years ago. Wynn sold his shares \u2013 amounting to 11.8 percent stake in the [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":3639,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2],"tags":[19,14],"class_list":["post-3638","post","type-post","status-publish","format-standard","hentry","category-business","tag-casino","tag-casinos"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Steve Wynn Plans to Sell Entire Stake in His Casino Company - Casinos Real Money News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casinosrealmoney.com\/news\/steve-wynn-plans-to-sell-entire-stake-in-his-casino-company\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Steve Wynn Plans to Sell Entire Stake in His Casino Company - Casinos Real Money News\" \/>\n<meta property=\"og:description\" content=\"According to Wynn Resorts press, former chief executive of Wynn Resorts and casino magnate Steve Wynn sold his remaining eight million shares in the company, a move that saw him sever his ties with the gambling powerhouse that he started 16 years ago. 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