Steve Wynn selling remaining shares of Wynn Resorts - FOX5 Vegas - KVVU

Steve Wynn selling remaining shares of Wynn Resorts

Posted: Updated:
(AP) (AP)

Wynn Resorts announced that Steve Wynn is selling his remaining shares in the company.

Galaxy Entertainment Group agreed to purchase 5.3 million primary shares of Wynn Resorts for $175 a share. A total of $927.5 million of gross proceeds go to Wynn Resorts in the deal. 

Galaxy Entertainment Group Vice Chairman Francis Lui said in a press release, “This is a unique opportunity to acquire an investment in a globally recognized entertainment corporation with exceptionally high quality assets and a significant development pipeline.”

“It is an honor to have such a distinguished company as Galaxy Entertainment as a shareholder which shares many of the same core operating philosophies and values,” Wynn Resorts CEO Matt Maddox said.

Also, two long-term institutional investors, who are currently investors in Wynn Resorts, have agreed to purchase the remaining eight million shares held by founder and former Wynn Resorts CEO Steve Wynn. The prices was also $175 a share. 

The two sales "effectively eliminate" Wynn's ownership in Wynn Resorts. 

The sales "position Wynn Resorts for even greater stability, strategic focus and future growth," Wynn Resorts said in a release.

The sales come after Wynn resigned over sexual assault and harassment allegations.

[RELATED: Steve Wynn resigns as Republican finance chairman]

Two months ago, The Wall Street Journal reported that several women said the billionaire harassed or assaulted them and that one case led to a $7.5 million settlement with a manicurist formerly employed by the Las Vegas company. Wynn has denied the allegations.


Copyright 2018 KVVU (KVVU Broadcasting Corporation). All rights reserved. 

Powered by Frankly
Fox 5
Powered by WorldNow CNN
All content © 2018, KVVU Broadcasting Corporation, Las Vegas, NV and WorldNow. All Rights Reserved.
For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.