Wynn-ers circle

16 March 2018 By Lauren Silva Laughlin Follow @TheRealLSL

Steve Wynn may sell his stake in the casino operator after settling a lawsuit with his ex-wife. It makes sense now that he’s been turfed out as CEO, but regulatory, legal and valuation issues could deter many buyers. That leaves the deck stacked in favor of Elaine Wynn.

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Wynn Resorts said on March 15 that its co-founder and former chairman and chief executive, Steve Wynn, may seek to sell some or all of his 12 percent stake in the company.

In a filing with the Securities and Exchange Commission, the company said Wynn, his former wife Elaine Wynn and company co-founder Kazuo Okada had agreed that a 2010 stockholders' agreement preventing any of them from selling their shares unless all three agreed was no longer valid. A sale of Steve Wynn's shares could be done privately, on the open market, or through a registered public offering, the filing said.

Wynn resigned on Feb. 6, several days after the Wall Street Journal published accusations of sexual misconduct against him.

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