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Steve Wynn transfers his ex-wife over $700 million in stocks as part of thier divorce settlement
Wynn Resorts Ltd. Chairman Steve Wynn, has agreed to transfer 50% of his stock in the Las Vegas based hotel and casino operator worth $741 million to his ex-wife, Elaine, as part of a divorce settlement.
According to a filing Wednesday with the Securities and Exchange Commission, the casino billionaire will transfer more than 11 million shares of the company's stock to Elaine Wynn, who was re-elected for another three years as member of Wynn Resorts board of directors in May, 2009. The company operates Wynn Las Vegas, Encore and Wynn Macau.
Steve Wynn and his ex wife will each retain about 9% ownership in the outstanding shares of Wynn Resorts. Aruze USA Inc., a subsidiary of a Japanese gaming company, controls about 20% of the outstanding shares and is Wynn Resorts' largest shareholder.
The couple filed for divorce March 5th in Las Vegas and the case was sealed the same day, keeping details out of public eye. Wynn married in 1963 and divorced in 1986, but remarried five years later.
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According to a filing Wednesday with the Securities and Exchange Commission, the casino billionaire will transfer more than 11 million shares of the company's stock to Elaine Wynn, who was re-elected for another three years as member of Wynn Resorts board of directors in May, 2009. The company operates Wynn Las Vegas, Encore and Wynn Macau.
Steve Wynn and his ex wife will each retain about 9% ownership in the outstanding shares of Wynn Resorts. Aruze USA Inc., a subsidiary of a Japanese gaming company, controls about 20% of the outstanding shares and is Wynn Resorts' largest shareholder.
The couple filed for divorce March 5th in Las Vegas and the case was sealed the same day, keeping details out of public eye. Wynn married in 1963 and divorced in 1986, but remarried five years later.
Discuss this article in our forum