{"id":73464,"date":"2018-03-21T16:00:10","date_gmt":"2018-03-21T23:00:10","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=73464"},"modified":"2018-03-21T13:32:20","modified_gmt":"2018-03-21T20:32:20","slug":"steve-wynn-to-sell-majority-stake-in-wynn-resorts","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/steve-wynn-to-sell-majority-stake-in-wynn-resorts\/","title":{"rendered":"Steve Wynn to Sell Majority Stake in Wynn Resorts"},"content":{"rendered":"

Steve Wynn is poised\u00a0to sell some or all of his shares in Wynn Resorts, according to a filing to the Securities and Exchange Commission on Wednesday.<\/p>\n

\"Steve
Everything points to an imminent sale of Steve Wynn\u2019s majority stake in Wynn Resorts, in order to protect its licensing from the suitability investigations underway in several jurisdictions. But could this make the company vulnerable to a takeover? (Image: Getty)<\/figcaption><\/figure>\n

The news comes five days after Wynn and his ex-wife, Elaine Wynn, dissolved a shareholder\u2019s agreement<\/a>, drawn up during their divorce in 2010, which prevented either party from selling their stake in the company. Steve Wynn owns 11.8 percent of Wynn Resorts, a stake currently valued at around $2.2 billion.<\/p>\n

\u201cMr.\u00a0Wynn may seek to sell all or a portion of the Common Stock controlled by him pursuant to one or more registered public offerings, in the open market in transactions pursuant to Rule 144 under the Securities Act of 1933 or in privately negotiated transactions. If he elects to sell any such Common Stock, he will seek to conduct such sales in an orderly fashion and in cooperation with the Company,\u201d read the filing.<\/strong><\/p><\/blockquote>\n

Licenses Jeopardized \u00a0<\/strong><\/h2>\n

Wynn may have been a visionary who once reshaped the Vegas landscape, but for the company he founded in 2002 his continued ownership of a majority stake has been a source of increasing anxiety.<\/p>\n

\n

Wynn has been accused of engaging in a pattern of alleged sexual misconduct against his staff that, it has been claimed, stretches back decades. While there is little chance of a police investigation into the allegations due to the statute of limitations having expired, regulators in Nevada, Massachusetts and Macau have launched their own inquiries, which could threaten Wynn Resorts licensing in those jurisdictions.<\/p>\n<\/div>\n

Massachusetts, for example, requires its gaming licensees to maintain \u201cintegrity, honesty, good character, and reputation.\u201d Licensed operators are required to force unsuitable shareholders to \u201crelinquish voting securities including, if necessary, the immediate purchase of said voting securities by the publicly traded corporation for cash at fair market value.\u201d<\/p>\n

$2.4 Billion Settlement <\/strong><\/h2>\n

The company was so concerned, in fact, that last week it settled its longstanding legal battle with Universal Entertainment, formerly controlled by Wynn Resorts co-founder Kazuo Okada<\/a>, for $2.4 billion in order to free up Wynn\u2019s shares.<\/p>\n

The judge had previously tossed a motion to dissolve the Wynns\u2019 shareholder\u2019s agreement on the grounds that it was too closely intertwined with the Universal lawsuit.<\/p>\n

Elaine Wynn, the company\u2019s second biggest shareholder with a 9.3 percent stake, has been fighting to sell at least some of her shares for the past six years to fund charitable endeavors.<\/p>\n

Other major owners include the asset management companies like Vanguard Group, Northern Cross and BlackRock. The likely departure of the Wynns could potentially leave the company vulnerable to a private equity-backed takeover, although MGM CEO Jim Murren recently told Bloomberg this is unlikely.<\/p>\n

\u201cI don\u2019t think people are going to see the megadeals,\u201d he said. \u201cThose days are over.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Steve Wynn is poised\u00a0to sell some or all of his shares in Wynn Resorts, according to a filing to the Securities and Exchange Commission on Wednesday. The news comes five days after Wynn and his ex-wife, Elaine Wynn, dissolved a shareholder\u2019s agreement, drawn up during their divorce in 2010, which prevented either party from selling […]<\/p>\n","protected":false},"author":42,"featured_media":73475,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,18],"tags":[],"acf":[],"yoast_head":"\nSteve Wynn to Sell Majority Stake in Wynn Resorts<\/title>\n<meta name=\"description\" content=\"Steve Wynn to sell \u2018some or all\u2019 his shares in Wynn Resorts, according to a securities filing, as the company seeks to protect its licenses from unsuitability investigations following sexual assault allegations.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/steve-wynn-to-sell-majority-stake-in-wynn-resorts\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Steve Wynn to Sell Majority Stake in Wynn Resorts\" \/>\n<meta property=\"og:description\" content=\"Steve Wynn to sell \u2018some or all\u2019 his shares in Wynn Resorts, according to a securities filing, as the company seeks to protect its licenses from unsuitability investigations following sexual assault allegations.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/steve-wynn-to-sell-majority-stake-in-wynn-resorts\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2018-03-21T23:00:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2018-03-21T20:32:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/03\/steveWynn.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2252\" \/>\n\t<meta property=\"og:image:height\" content=\"1592\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Casino.org Staff Writer\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Casino.org Staff Writer\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/steve-wynn-to-sell-majority-stake-in-wynn-resorts\/\",\"url\":\"https:\/\/www.casino.org\/news\/steve-wynn-to-sell-majority-stake-in-wynn-resorts\/\",\"name\":\"Steve Wynn to Sell Majority Stake in Wynn Resorts\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/steve-wynn-to-sell-majority-stake-in-wynn-resorts\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/steve-wynn-to-sell-majority-stake-in-wynn-resorts\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/03\/steveWynn.jpg\",\"datePublished\":\"2018-03-21T23:00:10+00:00\",\"dateModified\":\"2018-03-21T20:32:20+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/8c48bf89dc86da77b4d856c7b3b78d77\"},\"description\":\"Steve Wynn to sell \u2018some or all\u2019 his shares in Wynn Resorts, according to a securities filing, as the company seeks to protect its licenses from unsuitability investigations following sexual assault allegations.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/steve-wynn-to-sell-majority-stake-in-wynn-resorts\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/steve-wynn-to-sell-majority-stake-in-wynn-resorts\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/steve-wynn-to-sell-majority-stake-in-wynn-resorts\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/03\/steveWynn.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/03\/steveWynn.jpg\",\"width\":2252,\"height\":1592,\"caption\":\"Everything points to an imminent sale of Steve Wynn\u2019s majority stake in Wynn Resorts, in order to protect its licensing from suitability inquiries. 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