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Steve Wynn may sell all shares in Wynn Resorts following sexual-assault and harassment allegations

Steve Wynn at a March 2016 news conference in Medford, Mass. The former Wynn Resorts chief executive may sell his entire stake in the gaming company, according to a securities filing.
(Charles Krupa / Associated Press)

Former Wynn Resorts chief executive Steve Wynn may sell all his stock in the casino-operator a month after he resigned over sexual assault and harassment allegations.

Wynn could sell up to 12.1 million shares of stock, according to a securities filing Wednesday. He is the largest shareholder in Wynn Resorts; his stake totals about 11.8% of the company.

Shares of Wynn Resorts Ltd. closed down $5.27 to $178.92 Wednesday, which makes his stake worth about $2.16 billion.

The filing says Wynn could sell his stock in “cooperation” with the company, either on the open market or in privately negotiated transactions. The sale would be dependent on the casino-operator’s financial situation, prospects and other considerations, including market and economic conditions.

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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 stepped down as chairman of the casino operator last month even as he has denied the allegations.

Times staff writer Laurence Darmiento contributed to this report.


UPDATES:

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2:45 p.m.: This article was updated with Wynn Resorts’ closing stock price and a new valuation of Steve Wynn’s shares.

This article was originally published at 12 p.m.


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