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UPDATE 1-Steve Wynn sells stake in company he founded, Macau casino Galaxy buys in

buys in@

* Macau casino Galaxy to have a 5 pct stake in Wynn

* Galaxy, Wynn compete in the Chinese casino hub Macau

* Galaxy, Wynn bosses say 'shared values' (Adds details and context)

March 23 (Reuters) - Steve Wynn, the former chief executive of Wynn Resorts Ltd, has agreed to sell all his remaining 8 million shares in the firm in a dramatic exit of the casino and hotel company he founded over 16 years ago.

Macau casino operator Galaxy Entertainment has agreed to buy 5.3 million shares of Wynn Resorts at $175 per share, giving them around a 5 percent stake in the operator which has resorts in Las Vegas and Macau.

Galaxy is one of six licensed operators in the world's largest gambling hub of Macau and competes with Wynn along with Sands China, MGM China and Melco Resorts .

The casino moguls 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.

In a joint statement by Galaxy and Wynn on Wednesday, Galaxy Vice Chairman Francis Lui said it was a unique opportunity to "acquire an investment in a globally recognized entertainment corporation with exceptionally high quality assets and a significant development pipeline."

A Galaxy spokeswoman could not comment further on whether Galaxy would look to increase its holding in the future.

Wynn Resorts CEO Matt Maddox said Galaxy shared many of the same core "operating philosophies and values."

The announcement also follows the settlement two weeks ago of long standing litigation between Wynn Resorts and Universal Entertainment Corporation.

(Reporting by Farah Master in Hong Kong and Philip George in Bengaluru Editing by Shri Navaratnam)