Wynn Resorts (NASDAQ: WYNN) said on Thursday that former Chief Executive Steve Wynn no longer holds a stake in the company after he agreed to sell all his remaining eight million shares in privately negotiated transactions.
The company also announced it was selling 5.3 million shares to Macaucasino operator Galaxy Entertainment Group at $175 U.S. per share.
Thursday’s announcement follows the settlement two weeks ago of long-standing litigation between Wynn Resorts and Universal Entertainment Corporation.
The resolution of that litigation, combined with the new agreement with Galaxy Entertainment Group and the liquidation of Steve Wynn’s shares in the company positions Wynn Resorts for even greater stability, strategic focus and future growth.
Said Galaxy Entertainment Group Vice Chairman Francis Lui, "This is a unique opportunity to acquire an investment in a globally recognized entertainment corporation with exceptionally high quality assets and a significant development pipeline.”
Galaxy Entertainment Group is one of the world’s leading resorts, hospitality and gaming companies. It primarily develops and operates a large portfolio of integrated resort, retail, dining, hotel and gaming facilities in Macau.
GEG operates three flagship destinations in Macau: on Cotai, Galaxy Macau, one of the world’s largest integrated destination resorts, and the adjoining Broadway Macau™, a unique landmark entertainment and food street destination; and on the Peninsula, StarWorld Macau, an award winning premium property.
Shares in Wynn, whose chairman stands accused of sexual misconduct, chugged higher $5.96, or 3.4%, to $181.50 Friday
