Wynn Resorts Ltd. former CEO and Chairman Steve Wynn, who resigned in February following allegations of sexual misconduct, now plans to sell all or part of his 11.78% stake in Wynn Resorts, according to a March 20 SEC filing.
Steve Wynn is the company's largest shareholder, with a $2.2 billion stake, followed by his ex-wife Elaine Wynn, who owns a 9.26% share valued at $1.73 billion.
"If he elects to sell any such common stock, he will seek to conduct such sales in an orderly fashion and in cooperation with the company," the filing said.
The filing did not mention any terms or timing of the possible sale.
Steve Wynn's intention to off-load his stake contradicts the company's Feb. 12 filing, which said Steve Wynn had no immediate plans to sell his shares.
Steve Wynn and Elaine Wynn are free to sell their shares in the company from March 14 after both agreed to nullify the amended and restated stockholders agreement between them and Aruze USA Inc. The stockholder agreement of 2010 prohibited them from selling their shares in Wynn Resorts without each other's consent.