Wynn Cuts Stake in Casino Company After Settlement With Ex-Wife
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March 22, 2018, 9:47 PM GMT+11
Steve Wynn Photographer: Calvin Sit/Bloomberg
Steve Wynn cut his stake in the $18 billion casino company he founded after settling an acrimonious, six-year court fight with his ex-wife, a move that may move the company closer to becoming an acquisition target.
Wynn, 76, sold 4.1 million shares in Wynn Resorts Ltd. at $180 a share, according to a regulatory filing Thursday. The sale brings his stake down to 7.8 percent from 12 percent, lower than his ex-wife’s holding in the company.
The sale, along with the unwinding of a shareholder agreement that prevented Elaine Wynn from lowering her 9.3 percent stake, increases the possibility of a takeover of Las Vegas-based Wynn Resorts. The couple’s court battle also raised concerns about the company’s handling of harassment claims against Wynn that casino regulators are still investigating and could lead to him being found unfit to be the largest shareholder in a casino company.
Wynn Resorts fell 2.9 percent to $178.92 yesterday in New York, and has gained 6.1 percent since the beginning of the year.
Elaine Wynn said this week that she may seek talks with company management over strategy, business, management, capital structure and allocation, co
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