Macau | Steve Wynn plans to sell Wynn Resorts shares

Macau (MNA) – The former Chairman of Wynn Resorts Ltd., Steve Wynn, plans to ‘sell all or a portion’ of its shares in the company, a company filing at the US Securities and Exchange Commission on Wednesday informed.

The decision comes after a court dispute in regard to a 2012 stockholder agreement between Mr. Wynn, ex-wife Elaine and Kazuo Okada – a former partner of Wynn and casino owner in the Philippines – was resolved with the agreement considered invalid.

Wynn holds some 12 per cent of Wynn Resorts valued at some US$2.2 billion, a stake that after the court decision and after Mr. Wynn’s announcement will be open for a takeover.

Wynn Resorts holds some 72 per cent of Wynn Macau.

The gaming mogul resigned from its position of Chairman and CEO of Wynn Resorts and Wynn Macau in early February following allegations of sexual misconduct.

The case led to the gaming commissions in Nevada and Massachusetts to open investigations on Wynn’s probity as a stakeholder, with the Macau SAR Gaming Inspection and Co-ordination Bureau (DICJ) having stated it would follow up on the progress of investigations.

[Edited by Sheyla Zandonai]