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Steve Wynn no longer has stock in Wynn Resorts

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Posted at 5:36 AM, Mar 23, 2018
and last updated 2018-03-23 11:19:41-04

Former Wynn Resorts CEO Steve Wynn no longer has any stock in the company.

Wynn Resorts on Thursday announced Wynn has sold the remainder of his stake in the casino-operator.

Wynn had been the largest shareholder in the company. He resigned last month after women accused him of sexual misconduct.

Wynn Resorts says the billionaire on Thursday sold 8 million shares to two long-term institutional investors. At a price of $175 a share, the value of the sale is $1.4 billion.

Wynn Resorts says the latest sale effectively eliminates Wynn's ownership in the company.

The Wall Street Journal two months ago reported that several women said the billionaire harassed or assaulted them and that one case led to a $7.5 million settlement with a manicurist. Wynn has denied the allegations.