Galaxy Entertainment Group (WYNN) Friday announced that it has agreed to purchase 5.3 million primary shares of Wynn Resorts Ltd. at a price of $175 a share. The deal value is $927.50 million. The sale, combined with previous sales effectively eliminate ownership of founder and former CEO Steve Wynn in Wynn Resorts.
A regulatory filing on Thursday noted that Wynn has sold 4.10 million shares in Wynn Resorts Ltd. At $180 per share and that has brought his stake down to 7.8 percent from 12 percent.
It was revealed on Friday that two long-term institutional investors, both of whom are currently investors in Wynn Resorts, have agreed to purchase the remaining eight million shares held by Wynn.
A few weeks back, Wynn Resorts and Universal Entertainment Corp. have settled their long-standing litigation. Steve Wynn, who resigned as chairman and chief executive have decided to part with his entire holding in Wynn Resorts Ltd., after settling an acrimonious court fight with his ex-wife that freed each of them to do as they wish with their share of the family fortune.
Galaxy Entertainment Group is a Hong Kong listed resorts, hospitality and gaming companies with a focus on developing and operating a large portfolio of integrated resort, retail, dining, hotel and gaming facilities in Macau.
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