Former Wynn Resorts CEO Steve Wynn agreed Thursday to sell his remaining 8 million shares in the casino operator to two long-term institutional investors, both of whom are currently investors in the company.
The move comes on the same day it was announced Wynn had sold 4 million shares on the open market.
The purchase price of the shares held by Wynn is $175 a share. The two sales, combined with previous sales, effectively eliminates his ownership in Wynn Resorts.
Also, the company announced Hong Kong-based Galaxy Entertainment agreed to purchase 5.3 million primary shares of Wynn Resorts at a price of $175 a share, resulting in $927.5 million of gross proceeds to Wynn Resorts.
“It is an honor to have such a distinguished company as Galaxy Entertainment as a shareholder which shares many of the same core operating philosophies and values,” Wynn Resorts CEO Matt Maddox said in a statement.
Steve Wynn, who resigned last month from the company bearing his name after women accused him of sexual misconduct, had been the largest shareholder in the company.
