Wynn: No plans to sell company stock

Action could affect review by Mass. regulators

STEVE WYNN told Wynn Resorts on Friday that he has no “immediate plans” to sell shares he owns in the company, according to a company filing with the Securities and Exchange Commission.

Wynn, who resigned as CEO and chairman of the company earlier this week in the wake of allegations that he engaged in sexual misconduct, had not indicated whether he intended to sell his 12 percent stake in the company. He said on Friday that if he does sell his shares over time he will do so in “an orderly fashion.”

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Bruce Mohl

Editor, CommonWealth

About Bruce Mohl

Bruce Mohl is the editor of CommonWealth magazine. Bruce came to CommonWealth from the Boston Globe, where he spent nearly 30 years in a wide variety of positions covering business and politics. He covered the Massachusetts State House and served as the Globe’s State House bureau chief in the late 1980s. He also reported for the Globe’s Spotlight Team, winning a Loeb award in 1992 for coverage of conflicts of interest in the state’s pension system. He served as the Globe’s political editor in 1994 and went on to cover consumer issues for the newspaper. At CommonWealth, Bruce helped launch the magazine’s website and has written about a wide range of issues with a special focus on politics, tax policy, energy, and gambling. Bruce is a graduate of Ohio Wesleyan University and the Fletcher School of Law and Diplomacy at Tufts University. He lives in Dorchester.

About Bruce Mohl

Bruce Mohl is the editor of CommonWealth magazine. Bruce came to CommonWealth from the Boston Globe, where he spent nearly 30 years in a wide variety of positions covering business and politics. He covered the Massachusetts State House and served as the Globe’s State House bureau chief in the late 1980s. He also reported for the Globe’s Spotlight Team, winning a Loeb award in 1992 for coverage of conflicts of interest in the state’s pension system. He served as the Globe’s political editor in 1994 and went on to cover consumer issues for the newspaper. At CommonWealth, Bruce helped launch the magazine’s website and has written about a wide range of issues with a special focus on politics, tax policy, energy, and gambling. Bruce is a graduate of Ohio Wesleyan University and the Fletcher School of Law and Diplomacy at Tufts University. He lives in Dorchester.

Officials at the Massachusetts Gaming Commission, who are investigating whether Wynn Resorts should be allowed to retain its casino license in the Bay State, said on Wednesday that they would be monitoring what Wynn does with his stock and whether his holdings would give him some measure of control over the firm.

Wynn’s attorneys also disclosed that he is no longer contesting claims by his ex-wife that a stockholder agreement they negotiated in 2010 is invalid and unenforceable. The agreement required Wynn and his ex-wife to obtain the consent of the other before selling their shares. The agreement also included Kazuo Okada, a major Wynn Resorts shareholder who was later forced out amid allegations about his casino dealings in the Philippines. According to news reports, Okada was forced to surrender his nearly 20 percent stake in the company at a 30 percent discount and removed from the board.