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Steve Wynn plans to sell up to his entire $2.2 billion stake in the casino company he founded, a week after settling an acrimonious court fight with his ex-wife that freed each of them to do as they wish with their share of the family fortune.
Wynn plans to sell all or part of his 12 percent holding in Wynn Resorts Ltd., according to a regulatory filing Wednesday. The 76-year old mogul “will seek to conduct such sales in an orderly fashion and in cooperation with the company,” it said. “No assurance can be provided that Mr. Wynn will elect to sell common stock.”
The founder’s sale, should it move forward, along with the unwinding of the shareholder agreement that prevented Elaine Wynn from lowering her 9.3 percent stake, potentially makes Las Vegas-based Wynn Resorts vulnerable to a takeover. Casino regulators in Nevada, Macau and Massachusetts are still investigating the company’s handling of harassment claims against Steve Wynn that were raised in the couple’s bitter six-year court battle — probes that could result in him being found unfit to be the largest shareholder in a casino company.
Wynn Resorts dropped as much as 2.3 percent in early trading before U.S. markets opened. The stock, which closed at $184.19 on Tuesday, is up 9.3 percent this year.
Elaine Wynn said this week that she may seek talks with company management over a variety of matters, including strategy, business, management, capital structure and allocation, corporate governance, and board composition.
©2018 Bloomberg L.P. This article was written by Anthony Palazzo from Bloomberg and was legally licensed through the NewsCred publisher network. Please direct all licensing questions to email@example.com.