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Wynn's pending divorce leads to sale of two million casino shares
Wednesday, August 19, 2009
by Howard Stutz
Las Vegas Gaming Wire
LAS VEGAS, Nevada –- Wynn Resorts Chairman Steve Wynn and his wife, Elaine, sold 2 million shares of the company's stock last Friday, collecting at least $114
Steve Wynn, Chairman of Wynn Resorts million.
In a brief statement released this morning, Wynn Resorts said the shares were sold "to provide liquidity in anticipation of the change in their marital status."
The company said the shares, which represent less than 10 percent of the Wynn's total holdings, were sold at an average price of $57 per share.
Wynn Resorts, which operates Wynn Las Vegas, Encore, and Wynn Macau, is traded on the Nasdaq National Market.
The Wynns announced earlier this year they were divorcing. Divorce papers were filed with Clark County District Court on March 5 and sealed by a judge the same day. The sealing means no other details of the case are public.
It was not clear how the split could potentially affect the company, which is focused on opening the $700 million Encore at Wynn Macau casino in 2010. A company spokeswoman said in March that Elaine Wynn is an "active board member" of the company.
Andrew Pascal, president and chief operating officer of Wynn Las Vegas and Encore, is a nephew of the Wynns from Elaine's side of the family.
Las Vegas Gaming Wire
LAS VEGAS, Nevada –- Wynn Resorts Chairman Steve Wynn and his wife, Elaine, sold 2 million shares of the company's stock last Friday, collecting at least $114
Steve Wynn, Chairman of Wynn Resorts million.
In a brief statement released this morning, Wynn Resorts said the shares were sold "to provide liquidity in anticipation of the change in their marital status."
The company said the shares, which represent less than 10 percent of the Wynn's total holdings, were sold at an average price of $57 per share.
Wynn Resorts, which operates Wynn Las Vegas, Encore, and Wynn Macau, is traded on the Nasdaq National Market.
The Wynns announced earlier this year they were divorcing. Divorce papers were filed with Clark County District Court on March 5 and sealed by a judge the same day. The sealing means no other details of the case are public.
It was not clear how the split could potentially affect the company, which is focused on opening the $700 million Encore at Wynn Macau casino in 2010. A company spokeswoman said in March that Elaine Wynn is an "active board member" of the company.
Andrew Pascal, president and chief operating officer of Wynn Las Vegas and Encore, is a nephew of the Wynns from Elaine's side of the family.
Wynn Resorts
3131 Las Vegas Boulevard, South
Las Vegas, NV 89109
Las Vegas, NV 89109
Phone: (702) 770-7555
Website: www.wynnresorts.com
Website: www.wynnresorts.com
| Wynn Resorts operates Wynn Las Vegas a 2,716 all-suite resort with an 111,000 square foot casino and 22 food and beverage outlets. |