Tuesday, Aug. 18, 2009 | 9:36 a.m.
Wynn Resorts Ltd. of Las Vegas today said Chairman and Chief Executive Steve Wynn and his wife Elaine Wynn sold 2 million shares of Wynn Resorts stock Friday in anticipation of the completion of their divorce proceedings.
Elaine Wynn continues to serve the company as a member of the board of directors.
Divorce papers for the couple were filed March 5 in Clark County Family Court.
Wynn Resorts said the Wynns sold the shares at an average price of $57 and that the shares represent less than 10 percent of their holdings.
Wynn Resorts shares traded Friday in the range of $60.26 to $57.17.
"The shares were sold to provide liquidity in anticipation of the change in their marital status," Wynn Resorts said in a statement.