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Steve Wynn Agrees to Sell Entire Stake in His Casino Company

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Steve Wynn Agrees to Sell Entire Stake in His Casino Company
Steve Wynn resigned last month as the C.E.O. of Wynn Resorts, the casino and hotel company he founded more than 16 years ago. Credit Charles Krupa/Associated Press

Steve Wynn, the former chief executive of Wynn Resorts, has agreed to sell all of his remaining eight million shares in the firm, in a swift exit of the casino and hotel company he founded more than 16 years ago.

Separately, the Macau casino operator Galaxy Entertainment agreed to buy 5.3 million shares of Wynn Resorts at $175 a share, giving it a stake of around 5 percent in the operator, which has resorts in Las Vegas and Macau.

Galaxy is one of six licensed operators in the world’s largest gambling hub of Macau, and competes with Wynn, Sands China, MGM China and Melco Resorts.

Mr. Wynn’s share sale comes a week after Wynn Resorts said he and his former wife, Elaine Wynn, who has a 9.26 percent stake, had scrapped a shareholder agreement that prevented them from selling their stakes.

Mr. Wynn resigned last month as chief executive of the company, based in Las Vegas, following claims that he had subjected women who worked for him to unwanted sexual advances. He has denied the accusations.

In a joint statement by Galaxy and Mr. Wynn on Wednesday, Galaxy’s vice chairman, Francis Lui, said it was an opportunity to “acquire an investment in a globally recognized entertainment corporation with exceptionally high quality assets and a significant development pipeline.”

A Galaxy spokeswoman could not comment further on whether Galaxy would look to increase its holding in the future.

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