Steve Wynn Expected to Sell Majority Stake in Wynn Resorts
Steve Wynn looks set to sell his shares in Wynn Resorts in the near future. Mr Wynn may sell all of his shares, or only a percentage, but there is no confirmation at this time. Earlier this week, a filing was made with the Securities and Exchange Commission that indicated Wynn would be selling his shares in the near future.
Steve Wynn Ownership a Big Concern
For a time, it was looking like Steve Wynn was not going to be able to sell his shares. This was due to part of his divorce settlement with his ex-wife. Wynn had tried to get it overturned, but the judge ruled that it was too closely tied to another ongoing lawsuit. That lawsuit was settled recently, which allowed the shareholder’s agreement between Wynn and his ex-wife to be dissolved. Wynn currently is the majority shareholder, owning 11.8% of the shares. This is valued at around $2.2 billion.
Wynn’s continued ownership of the majority stake in the company was causing some serious concerns for all involved. As we all know, Steve Wynn has been accused of numerous instances of sexual misconduct. This has caused several gambling jurisdictions, including Massachusetts and Nevada, to launch investigations into the company. Massachusetts may have required Steve Wynn to sell his shares, in order for Wynn Resorts to keep its gaming licenses. The original court ruling that prevented him from doing so was the source of all the concern.
Wynn Resorts Settles Legal Battle to Free Shares
This was of such great concern for Wynn Resorts that it prompted the firm to settle the legal battle with Universal Entertainment. Universal Entertainment was previously controlled by Kazuo Okada, one of the Wynn Resort co-founders. This was the lawsuit that was preventing Steve Wynn from selling his shares, forcing Wynn Resorts to settle for $2.4 billion.
With the legal battle in the past, it allowed for the shareholder agreement to be dissolved, freeing Steve Wynn to sell his stock. His ex-wife, who is the second-biggest shareholder with a 9.3% stake is also able to sell. She has been trying to do so for quite some time, so she’s probably quite happy as well.