Wynn goes ahead with $2.1bn share disposal
Casino mogul Steve Wynn, formerly head of Wynn Resorts, has sold more than three million shares of the company’s stock to mutual funds managed by T Rowe Price Group for $530m, equal to $175 per share. He was also set to dispose of five million shares to funds managed by Capital Research and Management Co for circa $875m. Both deals were expected to be completed by March 26.
Wynn also put up for sale 4.1 million shares on the open market at a price of $180 per share, of $739m. All in, Wynn’s disposals have been valued in excess of $2.1bn. He will no longer hold any shares in Wynn Resorts.
Wynn stepped down as CEO of Wynn Resorts following a report in the Wall Street Journal alleging sexual misconduct against female employees, an accusation that he continues to deny.