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Steve Wynn gives up control over ex-wife's company shares

Posted at 5:25 PM, Feb 09, 2018
and last updated 2018-02-09 20:25:22-05

Following recent allegations of sexual misconduct and a legal battle that's been going on since 2012, Steve Wynn has agreed to give up control over his ex-wife's shares of Wynn Resorts, according to Bloomberg Markets.

That would give Elaine Wynn, Steve Wynn's ex-wife, a 9.4 percent stake in the company. Steve Wynn, on the other hand, would be left with 11.8 percent of the shares, Bloomberg reports.

Steve Wynn also stepped down as CEO of Wynn Resorts on Tuesday. Matt Maddox, who was formerly the company's president, has taken over as CEO.