Casinos and Gaming

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

Steve Wynn, chairman and chief executive officer of Wynn Resorts Ltd.
Patrick T. Fallon | Bloomberg | Getty Images

Steve Wynn, the former chief executive of Wynn Resorts, 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.

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.