Macau (MNA) – Wynn Resorts, Ltd. announced late on Thursday that it had reached an agreement to sell a total 5.3 million shares to local gaming operator Galaxy Entertainment Group.
At a value of US$175 per share, the deal involved some US$927.5 million.
“This is a unique opportunity to acquire an investment in a globally recognised entertainment corporation with exceptionally high quality assets and a significant development pipeline, ” Galaxy chairman Francis Lui stated.
Wynn Resorts CEO Matt Maddox – who assumed the role of the company’s former chairman and CEO Stephen ‘Steve’ Wynn, after allegations of sexual misconduct and respective investigations led to his resignation – said “It is an honour to have such a distinguished company as Galaxy Entertainment as a shareholder”.
Mr. Wynn also reached an agreement to sell approximately 8.0 million shares of common stock – the entirety of his stock in the company – at US$175 per share to ‘two long-term institutional investors’ in Wynn Resorts.
The two sales, combined with previous sales, effectively eliminates his ownership in Wynn Resorts, the group announced.
The group’s former chairman had previously agreed to sell some 4.1 million shares at US$180 per share on the open market through his Wynn Family Limited Partnership.
Wynn Resorts owns 72 per cent of local gaming operator Wynn Macau, a value that will continue unaltered following the transactions.
The announcement comes after Mr. Wynn informed the US trading authorities that he was planning to sell his stock in Wynn Resorts after a court ruled that a 2012 stockholder agreement between Mr. Wynn, ex-wife Elaine and Kazuo Okada was invalid.
