Wynn Sells Off Shares in His Own Company

Embattled casino executive Steve Wynn has completed the sell-off of his entire shares in Wynn Resorts for about $2.19 billion, allowing the group to move forward in the wake of a sex abuse scandal involving the mogul.

Wynn started the company in 2002, and recently stepped down from his role as the group's CEO after sex abuse allegations were published in the Wall Street Journal. The group owns five casinos throughout Las Vegas and Macau, becoming a prominent global gaming brand. Wynn's selloff includes shares to two existing shareholders at a rate of $150, while open market shares went for $180. The purchase netted the billionaire an additional $2.19 billion, but completely divests Wynn's stake in the company.

One of the purchasers of the stock was Galaxy Entertainment, who bought 5 million shares for $927.5 million. That company's Vice Chairman Francis Lui said, "This is a unique opportunity to acquire an investment in a globally recognised entertainment corporation with exceptionally high quality assets and a significant development pipeline."