Wynn Resorts founder Steve Wynn has officially started selling off his stake in the company, offloading 4.1 million shares on Thursday to reduce his interest by a third.
Documents filed with the US Securities and Exchange Commission revealed that Wynn sold 4,104,999 shares at US$180 each, totaling US$738 million. He is left with around 8 million shares, with his stake in Wynn Resorts falling from 12.1% to 7.8%.
Under the terms of a separation agreement between he and the company after he stepped down as Chairman and CEO on 5 February, Wynn is not allowed to sell any more than a third of his stake in any single financial quarter, although with March coming to a close it raises the possibility of another sell down in the coming weeks.
Wynn’s stake has also now fallen below that of ex-wife Elaine, who holds 9.3% of issued shares in Wynn Resorts.
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