Steve Wynn cuts stake in Wynn Resorts, becomes No. 3 holder

March 22 (Reuters) - Steve Wynn, the former chief executive of Wynn Resorts Ltd, has lowered his stake in the casino operator to about 7.8 percent from 11.78 percent, a regulatory filing showed on Thursday.

Steve Wynn sold 4.1 million shares of Wynn Resorts at $180 per share, the filing showed, which now makes him the third-biggest shareholder in the company, behind his former wife Elaine Wynn and The Vanguard Group Inc, according to Thomson Reuters data.

Steve Wynn through the years:

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Wynn Resorts CEO Steve Wynn through the years
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Wynn Resorts CEO Steve Wynn through the years
Las Vegas casino magnate Steve Wynn (R) gestures at Macau's Tourism Activities Centre as he starts negotiating with government officials a final contract for his new gaming concession in the enclave, February 20, 2002. Macau dealed out earlier in the month three new gambling concessions, a move marking the end of a gaming monopoly set up by the former Portuguese colonial rulers in 1937. REUTERS/Bobby Yip BY/CP
Steve Wynn smiles as he waits to talk to people at the American Institute of Architects convention in Las Vegas. Wynn Resorts Chairman Steve Wynn smiles as he waits to talk at the Wynn Las Vegas to people in town for the American Institute of Architects convention in Las Vegas May 19, 2005. REUTERS/Las Vegas Sun/Ethan Miller
Wynn Las Vegas Resorts Chairman and CEO Steve Wynn stands next to a puppet modeled after himself during a news conference for the Broadway musical "Avenue Q" at the Wynn Las Vegas Resort in Las Vegas, Nevada, August 16, 2005. Winner of three 2004 Tony awards, the show previews at the resort in the Wynn's 1,200-seat Broadway Theater on August 27. REUTERS/Las Vegas Sun/Steve Marcus SM/PN
Casino Developer Steve Wynn takes a rest before receiving his honorary degree at the 250th commencement exercise of the University of Pennsylvania, in Philadelphia, Pennsylvania, May 15, 2006. Wynn, who graduated from the University of Pennsylvania in 1963, was awarded the honorary Doctor of Laws degree by the University. REUTERS/Tim Shaffer
Donald Trump (L) and Steve Wynn talk before the start of Game 7 of the NLCS playoff baseball series in New York in this October 19, 2006 file photograph. Picture taken October 19, 2006. REUTERS/Andrew Gombert/File (UNITED STATES)
Casino mogul Steve Wynn smiles during a news conference inside a restaurant of 'Wynn Macau' in Macau September 5, 2006. The 20-story hotel and casino, located on the waterfront in Macau, is modelled after Wynn's curved-tower in Las Vegas. REUTERS/Bobby Yip (HONG KONG)
Steve Wynn, president and CEO of Wynn Resorts, speaks at the panel titled "Steve Wynn on Building and Sustaining Great Customer Service" at the 2008 Milken Institute Global Conference in Beverly Hills, California April 29, 2008. REUTERS/Fred Prouser (UNITED STATES)
Steve Wynn, chairman and CEO of Wynn Resorts, speaks at a panel discussion "CEO Conversation: Past, Present and Future of Las Vegas With Steve Wynn" at the 2009 Milken Institute Global Conference in Beverly Hills,California April 28, 2009. REUTERS/Fred Prouser (UNITED STATES BUSINESS)
U.S. casino magnate Steve Wynn, head of Wynn Resorts Ltd and Wynn Macau Ltd, introduces the company's latest casino resort during a news conference in Macau June 5, 2012. Wynn said on Tuesday that the company's latest casino resort in the former Portuguese enclave will cost $4 billion, as it bets on continued growth in the world's largest gambling destination. REUTERS/Bobby Yip (CHINA - Tags: BUSINESS)
Donald Trump, Heidi Klum and Steve Wynn during The Associates Committee of The Society of Memorial Sloan-Kettering Cancer Center Host 'A Wynning Hand' at Sotheby's in New York City, New York, United States. (Photo by Carley Margolis/FilmMagic)
Billionaire Steve Wynn, chairman and chief executive officer of Wynn Resorts Ltd., left, and wife Andrea Hissom arrive to an event in the East Room of the White House in Washington, D.C., U.S., on Wednesday, July 26, 2017. President Donald Trump announced that Foxconn Technology Group plans a new factory in Wisconsin, fulfilling the Taiwanese manufacturing giants promise to invest in the U.S. Photographer: Andrew Harrer/Bloomberg via Getty Images
Steve Wynn, Chairman and CEO of Wynn Resorts, speaks during the Milken Institute Global Conference in Beverly Hills, California, U.S., May 3, 2017. REUTERS/Mike Blake
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Wynn Resorts' shares dipped 0.8 percent to $177.50 in trading ahead of the opening bell.

The casino mogul's share sale comes a week after Wynn Resorts said Steve and Elaine Wynn, who has a 9.26 percent stake, had scrapped a shareholder agreement that prevented them from selling their stakes.

Steve Wynn resigned as CEO of the Las Vegas-based company last month, following claims he subjected women who worked for him to unwanted advances. He has denied the accusations.

Analysts have said Wynn Resorts may become a takeover target following the departure of Steve Wynn, who was a strategic visionary and the chief diplomat for the company.

Elaine Wynn said in a regulatory filing earlier this week that she may hold talks with Wynn Resorts shareholders and management regarding the company's strategy, capital structure and allocation, and board composition, among others.

(Reporting by Ankit Ajmera in Bengaluru; Editing by Savio D'Souza)

 

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