Casino mogul Steve Wynn lowers stake in Wynn Resorts to 7.8%

Steve Wynn, chairman as well as chief executive officer of Wynn Resorts Ltd.

Patrick T. Fallon | Bloomberg | Getty Images

Steve Wynn, chairman as well as chief executive officer of Wynn Resorts Ltd.

Steve Wynn, the former chief executive of Wynn Resorts, has lowered his stake inside casino operator to about 7.8 percent through 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 right now makes him the third-biggest shareholder inside company, behind his former wife Elaine Wynn as well as 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 as well as Elaine Wynn, who incorporates a 9.26 percent stake, had scrapped a shareholder agreement in which prevented them through 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 as well as the chief diplomat for the company.

Elaine Wynn said in a regulatory filing earlier This kind of week in which she may hold talks with Wynn Resorts shareholders as well as management regarding the company’s strategy, capital structure as well as allocation, as well as board composition, among others.

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