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Wynns sell two million company shares

19 August 2009

LAS VEGAS, Nevada –- Wynn Resorts Chairman Steve Wynn and his wife, Elaine, sold 2 million shares of the company's stock last Friday, collecting at least $114 million.

In a brief statement released this morning, Wynn Resorts said the shares were sold "to provide liquidity in anticipation of the change in their marital status."

The company said the shares, which represent less than 10 percent of the Wynn's total holdings, were sold at an average price of $57 per share.

Wynn Resorts, which operates Wynn Las Vegas, Encore, and Wynn Macau, is traded on the Nasdaq National Market.

The Wynns announced earlier this year they were divorcing. Divorce papers were filed with Clark County District Court on March 5 and sealed by a judge the same day. The sealing means no other details of the case are public.

It was not clear how the split could potentially affect the company, which is focused on opening the $700 million Encore at Wynn Macau casino in 2010. A company spokeswoman said in March that Elaine Wynn is an "active board member" of the company.

Andrew Pascal, president and chief operating officer of Wynn Las Vegas and Encore, is a nephew of the Wynns from Elaine's side of the family.

Wynns sell two million company shares is republished from Online.CasinoCity.com.