Steve Wynn sold a third of his shares of Wynn Resorts

The billionaire sold approximately a third of his shares of Wynn Resorts for about US$740 million.

US.- Casino magnate Steve Wynn sold almost a third of his shares of Wynn Resorts for about US$740 million before taxes on Wednesday. Wynn appeared on the Forbes 2018 billionaires list with 12 per cent of Wynn Resorts and was worth US$2.5 billion.

It is believed that Wynn may continue liquidating his stake. The Securities and Exchange Commission filing detailed that he intends to sell all or a portion of his shares: “Mr. Wynn intends to sell all or a portion of the Common Stock controlled by him pursuant to one or more registered public offerings, in the open market in transactions pursuant to Rule 144 or in privately negotiated transactions. If he elects to sell any such Common Stock, he will seek to conduct such sales in an orderly fashion and in cooperation with the Company. No assurance can be provided that Mr. Wynn will elect to sell Common Stock, or the timing or terms of any such sale.”

Wynn sold 4.1 million shares for US$180 a share in open market transactions pursuant to Rule 144 under the Securities Act of 1933 (“Rule 144”). His stock was worth 10 per cent less than it was on January 25th, when alleged sexual misconduct allegations were reported.

Wynn resigned as CEO and chairman of his own company in February, days after the allegations. Wynn declined those allegations and said: “The idea that I ever assaulted any woman is preposterous.” A spokesperson for Steve Wynn said: “Mr. Wynn does not wish to be a participant in the current media frenzy related to his personal and business matters and, therefore, declines comment.”