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Wynn Resorts ex-CEO Steve Wynn may sell all or part of large stake in casino operator

Revelation comes after an agreement preventing Steve Wynn and his ex-wife from selling their shares is deemed "invalid and unenforceable"

man playing slot machines at a casino
Steve Wynn "will seek to conduct such sales in an orderly fashion and in cooperation with the company"

Wynn Resorts Ltd. (NASDAQ:WYNN) said former CEO Steve Wynn may sell all or part of his large stake in the casino operator.

Wynn Resorts in a 14 March 2018 filing with the U.S. Securities and Exchange Commission said Steve Wynn "will seek to conduct such sales in an orderly fashion and in cooperation with the company." The filing noted that any sales could occur in the open market or in privately negotiated transaction.

READ: Wynn Resorts could soon be in a no-Wynn situation

The revelation comes after Wynn Resorts disclosed in a separate SEC filing that an agreement preventing Steve Wynn and his ex-wife, Elaine Wynn, from selling their combined 21% stake in the company had been deemed "invalid and unenforceable" by a district court in Nevada.

According to data from Thomson Reuters Eikon, Steve Wynn owns about 11.8% of Wynn Resorts and is the largest shareholder in the company, followed by Elaine Wynn, who holds a stake of 9.3%.

Steve Wynn resigned as Wynn Resorts CEO in February following allegations that he had made unwanted sexual advances towards women who worked for him. The ex-CEO has denied the allegations.

The prospects of a change in control of Wynn Resorts seemed to have little effect on the company's stock. It was up only 0.25% in early US trading on Friday, at US$186.70.

Quick facts: Wynn Resorts

Price: 102.81 USD

Market: NASDAQ
Market Cap: $11.1 billion

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