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.