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May 29, 2015

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Wynns sell 2 million shares of stock ahead of divorce

Image

Steve Marcus

The Encore is shown to the left of the Wynn Las Vegas on the Strip.

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.

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