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Best of Chris Sieroty

Gaming Guru

Chris Sieroty
 

Steve Wynn swaps golf acreage for jets

6 January 2013

LAS VEGAS -- Steve Wynn, founder and chairman of Wynn Resorts, Limited, on Friday terminated an option to buy a 2-acre tract on the company's golf course in Las Vegas in return for the right to purchase any or all of the company's aircraft.

The aircraft purchase option may be exercised upon 30 days written notice and at a price equal to their book filing, the Las Vegas-based gaming company said in a regulatory filing. The option for the jets will terminate when Wynn's employment agreement with the company ends.

The deal was approved by the audit committee of the board of directors, according to the three-page filing with the Securities and Exchange Commission.

Shares of Wynn Resorts, which owns and operates resorts in Las Vegas and Macau, gained $1.44, to 1.21 percent, to close at $120.78 on the Nasdaq.