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mar
26

Steve Wynn Sold 1/3 of his Shares in Wynn Resorts Casino Company after Settlement with Ex-Wife

Tags: Elaine Wynn, Steve Wynn.
Posted on Monday, March 26, 2018 by "T".

Casino magnate Steve Wynn decided to cut down his stake in the $18-billion casino empire he founded, after settling a rancorous 6-year-long court battle with his ex-wife Elaine Wynn. This move of the 76-year-old billionaire might pave the way for the company to become a potential acquisition target in the near future.

According to a regulatory filing on March 22, 2018 Thursday, Steve Wynn sold his 4.1 million shares in Wynn Resorts Ltd at $180 per share. The sale now brings his stake down to 7.8% from the previous 12%, obviously lower than his ex-wife's holding in the casino firm.

Along with the unwinding of a shareholder agreement that prevents Elaine Wynn from reducing her 9.3% stake, the sale increases the likelihood of a takeover of Las Vegas-based Wynn Resorts. The couple's court battle also pointed out concerns about the firm's handling of harassment claims against Steve Wynn that casino regulators are still investigating, and this could result to him being deemed unfit to be the biggest shareholder in a casino company.

On Wednesday 10:16am in New York, Wynn Resorts fell 2.1% to $175.15, having gained 6.1% for this year.

As for Elaine Wynn, she said last week that she may seek meetings with company management over business, strategy, management, capital structure and allocation, corporate governance board composition and other important matters.

Elaine Wynn was at the $2.5 billion mark on the 2018 World Billionaires List, with Wynn Resort stakes making up around 65% of her total wealth.

Source:
https://www.forbes.com/sites/cartercoudriet/2018/03/22/steve-wynn-dumps-one-third-of-his-holding-in-casino-firm-wynn-resorts/#1a005b9a39b1

 

 


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8 comments for "Steve Wynn Sold 1/3 of his Shares in Wynn Resorts Casino Company after Settlement with Ex-Wife"

 CALICUL3/26/2018 3:44:22 PM GMT
it seems like this rapist wants to sell some of the shares which he owns in the casino industry. Probably is a good choice and wants to secure the future of his children with lots of cash. If she's 76 years old i understand it. Many people would do the same.
 pajalnick3/27/2018 10:23:31 AM GMT
of course the peace treaty with his wife probably cost him quite expensive .... even the shares had to be sold ... but in general there are a lot of online casinos in the world and maybe he decided to invest there ... .... and of course he probably decided to just spend his huge money because it's not young already
 pochui3/27/2018 12:16:12 PM GMT
well for fcuk sakes when will all the rich dudes understand that they must have a prenuptial agreement that clearly states that their potential wife gets nothing from their wallet. love for love and nothing else. if they wanna get married for money then better look for other idiot...
 Tony_MON7ANA3/27/2018 11:30:42 PM GMT
Wow, that is an astronomical amount of money for most people. What is the life of ultra high net worth individuals (UHNWI) like Steve Wynn? It's just beyond my imagination. I bet Steve has numerous offshore bank accounts and assets.
 Mober4/2/2018 4:57:18 AM GMT
Casino empire worth of 18 billions USD Smile
He got a fortune by selling shares, and who knows how much more he has.

Six years divorce battle. That is one of the reasons why the prenuptial agreements
are in fashion for quite some time now.
Saves you time and mostly a fortune Smile
 bowie19844/2/2018 11:26:29 PM GMT
Posted by pochui:
well for fcuk sakes when will all the rich dudes understand that they must have a prenuptial agreement that clearly states that their potential wife gets nothing from their wallet.

Even if they have prenup if the judge thinks it's unfair towards one then he could decide to threw it out altogether. There is no ironclad prenup anymore in the USA.
 godoy4/11/2018 11:11:25 PM GMT
so it's not worth it anymore, it's worth it, it's worth it, or it's worth it, I have to believe that it's not only money, but when it involves a lot of money, it's always harder to manage, but with everything else, I have a bad history with women. It's his personal thing.
 dule-vu4/12/2018 5:33:18 AM GMT
this show what women can do to man,even if you have 76 years and when you live in america!no matter was that bad or god marriage,on end everything will be about money,especially if one of them had nothing before marriage!so they would take as much as she can now!she know how much will cost it!

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