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.”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.