Controlling Interest in Wynn Split
On Wednesday, Steve Wynn CEO of Wynn Resorts (WYNN: 70.99 -5.41%) announced in a filing with the Securities and Exchange Commission that he would be transferring more than 11 million shares of the company’s stock to ex wife Elaine Wynn as part of a divorce settlement of communal property.
The transferred shares are valued at $741 million and leave the estranged couple, separately retaining approximately 9% ownership in the outstanding shares of the gaming company.
In May, Elaine Wynn was re-elected to a three year term to the casino operator’s board of directors.
In August, the Wynn’s sold 2 million shares of the company’s stock because of the “anticipated change in their marital status.”
The sale made Aruze USA Inc. a subsidiary of a Japanese gaming company Wynn’s largest shareholder controlling 19.9% of the outstanding shares.
An amended shareholders agreement was reached, calling for Aruze and the Wynn’s to combine their shares totaling 37.9% together to vote on matters presented before the board.
The news sent Wynn’s stock falling on Wednesday $0.89 or 1.3% to close trading on the NASDAQ National Market at $66.96.