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Steve Wynn can now sell his Wynn Resorts shares

Steve Wynn is now free to sell his stake in the massive casino business he founded.Wynn Resorts said in a fili...

Posted: Mar 16, 2018 12:41 PM
Updated: Mar 16, 2018 12:41 PM

Steve Wynn is now free to sell his stake in the massive casino business he founded.

Wynn Resorts said in a filing on Thursday that Wynn, its former chief executive, and his ex-wife Elaine Wynn, have dissolved an agreement that prevented them from selling their shares.

Wynn stepped down as CEO last month after allegations of sexual misconduct piled pressure on the billionaire casino mogul and sent the company's stock tumbling.

The company, which operates casinos in Las Vegas and Macau, said in its filing that Steve Wynn may now "seek to sell all or a portion" of the roughly 12 million shares that he owns. Elaine Wynn owns another 10 million shares, giving them a combined 21% stake.

Wynn, 76, has denied the accusations of misconduct, which gained widespread attention in late January after an investigative report by The Wall Street Journal detailed numerous allegations against him, citing dozens of sources.

Shares in the company were trading above $200 in January, but dropped sharply after the allegations were made public. They have since recovered some lost ground to trade at $186.

Related: How much is Steve Wynn's exit package worth?

Wynn Resorts said in a separate filing in February that Wynn would not be allowed to sell more than a third of his stake in any one quarter. That restriction was not mentioned in the documents filed Thursday.

Wynn is credited with transforming Las Vegas casinos from gambling dens into entertainment hubs where guests could also watch spectacular shows and eat in high-end restaurants.

The Mirage, Wynn's first major casino on the Vegas Strip, opened in 1989. He then opened Treasure Island in 1993, and the Bellagio in 1998.

In 2006, he opened his first casino in Macau, where gambling revenues now dwarf those of Las Vegas. An even bigger one, Wynn Palace, followed 10 years later.

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 295675

Reported Deaths: 6743
CountyCasesDeaths
DeSoto19690230
Hinds18812389
Harrison16722280
Rankin12725265
Jackson12603228
Lee9691160
Madison9466203
Jones7978147
Forrest7217138
Lauderdale6836226
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Lamar588480
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Washington5218130
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Panola430894
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Warren4130115
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Marshall403392
Monroe3990126
Union395674
Neshoba3817169
Lincoln3544103
Hancock347975
Leflore3376118
Sunflower318986
Tate302974
Pike300796
Scott293970
Alcorn291862
Itawamba290075
Yazoo289963
Tippah278965
Coahoma278668
Copiah278158
Simpson275879
Prentiss269858
Wayne254241
Marion252778
Leake252671
Covington248980
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Adams234678
George231845
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Winston221777
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Attala206569
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Holmes182370
Clay179251
Stone172429
Tallahatchie170939
Clarke169371
Calhoun157928
Smith152832
Yalobusha144836
Greene127733
Walthall124240
Noxubee122831
Montgomery122639
Perry121734
Lawrence120421
Carroll118425
Amite111734
Webster110631
Jefferson Davis101931
Tunica99023
Claiborne98429
Benton93524
Humphreys92827
Kemper90223
Quitman77214
Franklin76119
Choctaw69617
Jefferson62727
Wilkinson62426
Sharkey48917
Issaquena1676
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Alabama Coronavirus Cases

Cases: 494421

Reported Deaths: 9991
CountyCasesDeaths
Jefferson711451374
Mobile36184735
Madison32457458
Tuscaloosa24213412
Montgomery22636517
Shelby22020214
Baldwin19790284
Lee14980154
Morgan13693251
Calhoun13307287
Etowah13192320
Marshall11269209
Houston10102261
Elmore9408185
Limestone9376134
Cullman8903181
St. Clair8839224
Lauderdale8601212
DeKalb8465175
Talladega7552164
Walker6538258
Jackson6503103
Autauga630391
Blount6106127
Colbert5993119
Coffee5254102
Dale4648107
Russell405233
Franklin399478
Covington3970106
Chilton3883100
Escambia378172
Tallapoosa3596143
Clarke343753
Chambers3421111
Dallas3412141
Pike293372
Lawrence283684
Marion283495
Winston247368
Bibb245460
Geneva240270
Marengo236557
Pickens224555
Barbour212451
Hale210668
Fayette200957
Butler197566
Henry182641
Cherokee177139
Monroe166339
Randolph163840
Washington156635
Crenshaw145254
Clay145054
Macon142343
Cleburne137841
Lamar133133
Lowndes131251
Wilcox122525
Bullock117136
Conecuh106724
Perry105827
Sumter98632
Coosa89224
Greene88232
Choctaw55123
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