Is Steve Wynn Out Of The Gambling Business?

Anti-online gambling casino mogul sells off his entire holding in the company he founded

Most online gambling industry observers will remember land casino billionaire Steve Wynn for his switch from being at one time interested in joining the then pioneering online gambling sector, only to later take up an opposing position on the vertical.

More recently he has become the target of sexual misconduct allegations that have seen him resign from Wynn Resorts, the successful company he founded, and he is in the news again this week after divesting himself of his considerable shareholding, reportedly for a personal gain of billions of dollars.

Macau based rival Galaxy Entertainment said the chance to buy 5 percent of Wynn Resorts from Wynn was a unique investment opportunity, and stumped up $927.5 million for 5.3 million shares at $175 each

Wynn also sold off another 4.1 million shares on the open market at $180 a share, and a further 8 million shares in privately negotiated transactions with existing shareholders, thus divesting his entire stake in the company.

Analysts are now characterising the company as having more stability and prospects following a stormy period in which the Wynn personal problems and the recently settled long-running litigation with Universal Entertainment Corp caused shareholder concerns.

Certainly Galaxy’s vice chairman Francis Lui was pleased with the deal, saying this week:

“This is a unique opportunity to acquire an investment in a globally recognized entertainment corporation with exceptionally high quality assets and a significant development pipeline.”