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Steve Wynn sells remaining stake in Wynn Resorts as Galaxy picks up shares

Wynn Resorts Ltd. founder and former CEO Steve Wynn has sold his remaining stake in the Las Vegas-based hotel and casino operator, shortly after reducing his 11.78% holding to 7.8%, according to a March 22 announcement.

Two of Wynn Resorts' long-term institutional investors agreed to acquire Wynn's remaining 8 million shares at a price of $175 per share, which effectively ends his ownership in the company. Wynn resigned in February following sexual misconduct allegations.

Meanwhile, Macau casino operator Galaxy Entertainment Group Ltd. agreed to purchase 5.3 million primary shares of Wynn Resorts for $175 per share, for a total consideration of $927.5 million. The amount represents about 5.1% of Wynn Resorts' outstanding shares of common stock as of Feb. 15.

In a separate March 22 statement, Wynn Resorts said it plans to use net proceeds from the Galaxy transaction to repay borrowings under its $800 million, 364-day term loan facility.