Steve Wynn. Photograph by Calvin Sit/Bloomberg
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Steve Wynn showed impeccable timing with the sale of his stake in Wynn Resorts after his resignation as CEO in the wake of sexual misconduct allegations earlier this year.
Wynn shares (ticker: WYNN) are down sharply since the March sales, with the result that Wynn netted about $900 million more than he would have at current market prices.
Wynn sold his entire stake in the company—12.1 million shares—in two transactions in March for a total of more than $2.1 billion, or about $177 a share. Wynn shares are down more than 40% since then, including a decline of $13.85, to $100.14, or 12%, on Thursday morning after the company reported third-quarter results that fell below Wall Street expectations and offered disappointing guidance for the current quarter. Wynn is one of the leading casino operators in Macau, the Chinese gambling hub.
The Wynn sale included a block of eight million shares that were purchased by T. Rowe Price (three million shares) and Capital Research and Management (five million shares) at $175 a share.
Wynn, 76, was the founder and guiding force at Wynn Resorts from its initial public offering in 2002 until his resignation as CEO in February. Wynn Resorts received one of the original gambling licenses when Macau expanded casino gambling in 2002. The company prospered as gambling boomed in the former Portuguese territory.
The Wall Street Journal detailed sexual misconduct allegations against him earlier this year. At the time, he said it was “preposterous” that he would engage in such conduct.
With Wynn Resorts shares off sharply, it’s possible that Wynn might re-establish a stake in the company.
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