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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: 313942

Reported Deaths: 7240
CountyCasesDeaths
DeSoto21580258
Hinds20330415
Harrison17879309
Rankin13594278
Jackson13429246
Madison10088217
Lee9970174
Jones8370163
Forrest7670152
Lauderdale7188241
Lowndes6387146
Lamar622486
Lafayette6184118
Washington5332133
Bolivar4801132
Oktibbeha462198
Panola4582106
Pearl River4506146
Marshall4435103
Warren4386121
Pontotoc420172
Monroe4107133
Union410076
Neshoba4030176
Lincoln3962110
Hancock378486
Leflore3493125
Sunflower335990
Tate333384
Pike3316105
Scott315773
Alcorn312768
Yazoo311469
Itawamba299777
Copiah296865
Coahoma295179
Simpson294988
Tippah288168
Prentiss279760
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Marion269080
Leake267473
Wayne262641
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George247848
Newton246261
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Holmes188873
Clay185254
Stone182433
Tallahatchie178541
Clarke177980
Calhoun170532
Yalobusha164238
Smith162334
Walthall133945
Greene130533
Lawrence128524
Montgomery126742
Noxubee126734
Perry126338
Amite123042
Carroll121828
Webster114532
Jefferson Davis107033
Tunica105226
Claiborne102430
Benton99525
Humphreys96533
Kemper95728
Franklin83623
Quitman80716
Choctaw76318
Wilkinson67230
Jefferson65528
Sharkey50217
Issaquena1686
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Alabama Coronavirus Cases

Cases: 531404

Reported Deaths: 10985
CountyCasesDeaths
Jefferson765501522
Mobile41036805
Madison34789503
Tuscaloosa25788453
Montgomery24340589
Shelby23449249
Baldwin21154308
Lee15882171
Calhoun14511314
Morgan14306279
Etowah13843353
Marshall12232223
Houston10570281
Elmore10068205
Limestone9974151
Cullman9676194
St. Clair9661243
Lauderdale9427241
DeKalb8831186
Talladega8227176
Walker7241277
Autauga6926108
Jackson6814112
Blount6678137
Colbert6306134
Coffee5519119
Dale4838111
Russell441538
Chilton4296112
Franklin426082
Covington4129118
Tallapoosa4023152
Escambia393677
Chambers3573123
Dallas3551152
Clarke351161
Marion3122101
Pike310977
Lawrence300398
Winston274473
Bibb260964
Geneva250477
Marengo249564
Pickens234461
Barbour231057
Hale223077
Butler216069
Fayette212562
Henry188844
Cherokee185245
Randolph180542
Monroe177540
Washington167339
Macon159650
Clay156756
Crenshaw152557
Cleburne148941
Lamar142535
Lowndes138853
Wilcox127130
Bullock122841
Conecuh110529
Perry107726
Coosa107628
Sumter104732
Greene92534
Choctaw60724
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