Casino Mogul Steve Wynn Likely To Sell His Stake in Wynn Resorts

Photo via Wall Street Journal

According to a regulatory filing that was dated last Thursday, Steve Wynn, the former chief executive of Wynn Resorts, may likely choose to sell all or a part of his stake in the company.

According to the Eikon data of Thomson Reuters, Steve Wynn is currently the largest shareholder in the company. He owns approximately 11.8 percent of the casino operator. He is closely followed by his former wife who owns a 9.3 percent stake.

However, under an agreement that was made with Wynn Resorts, the former chief executive officer would not be able to sell more than one-third of the shares that he held in the said company.

The casino mogul stepped down from his as the chief executive office in February, following claims that he subjected women who worked for him to unwanted advances. Steve Wynn has since denied all the allegations that were made against him.

In an email that was sent to Reuters last January of this year, the enforcement chief for the Gaming Control Board of Nevada, Karl Bennison, said that regulators of the state of Nevada launched an investigation into the accusations of sexual misconduct by various former and current employees of the company against Steve Wynn.