The founder of Wynn Resorts Ltd. sold his remaining 8 million shares.
Having sold 8 million shares in Wynn Resorts Ltd., Steve Wynn no longer has ties with the casino company he founded.
Wynn Resorts sold 5.3 million newly issued shares of common stock to Galaxy Entertainment Group Ltd, one of its competitors. The casino operator now has around 5% stake in the company.
“This is a unique opportunity to acquire an investment in a globally recognized entertainment corporation with exceptionally high quality assets and a significant development pipeline,” Galaxy Entertainment Group Vice Chairman Francis Lui said in a statement.
This news follows Steve Wynn's resignation in February further to allegations of sexual misconduct.
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