Steve Wynn sells remaining shares in Wynn Resorts; Galaxy gets 5 percent stake Christopher Palmeri, Bloomberg · March 22, 2018 at 9:35 pm Steve Wynn sold his remaining 8 million shares in Wynn Resorts Ltd., swiftly eliminating one of his last ties to the casino company he founded. Separately, in a surprise step, Wynn Resorts sold 5.3 million newly issued shares of common stock to Galaxy Entertainment Group. Ltd., giving the competing Macau casino operator an estimated 5 percent stake in the company, according to a statement Thursday. The twin moves hint at the future of Wynn Resorts, post-Steve Wynn, who stepped down in February following allegations of sexual misconduct. The Las Vegas-based company is under investigation by casino regulators in Nevada, Macau and Massachusetts, all of whom have the power to revoke the company’s casino license or order Steve Wynn to divest his shares. The sales eliminate the latter option. Steve Wynn, 76, sold his remaining shares to two institutional investors who already hold Wynn Resorts stock, a spokesman said. His shares also went for $175 each, or $1.4 billion. The transaction followed the earlier sale of 4.1 million shares at $180 a share, also announced Thursday.
