Steve Wynn sells a third of his shares of Wynn Resorts for about US$740 million

Steve Wynn, the renowned Billionaire and the owner of Wynn Resorts – the developer and operator of high-end hotels and casinos sold almost a third of his shares for about US$740 million, before taxes on Wednesday. Wynn who appeared on the Forbes 2018 billionaires list with 12 per cent of Wynn Resorts was worth US$2.5 billion.

However, it is believed that Wynn may continue liquidating his stake. As per the explications of the Securities and Exchange Commission filing: “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 percent less than it was on January 25th, when alleged sexual misconduct allegations were reported.

Wynn who lost his face owing to sexual assault allegations resigned as the CEO and Chairman of his own company in February. 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.”