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Casino Magnate Steve Wynn sells his entire stake of Wynn Resorts

Casino Magnate Steve Wynn sells his entire stake of Wynn Resorts

Casino honcho Steve Wynn has sold all his shares of Wynn Resorts severing his ties with the company he founded 16 years ago. He sold his remaining 8 million shares of Wynn Resorts on Thursday, according to the press release.

SEC filing reported that this move has come after a day he sold around 4.1 million shares for about $740 million on Wednesday.

Earlier, on February 6, Wynn had stepped down as CEO and chairman of the casino and hotel company in the wake of allegations of sexual assault leveled against him. Wynn has always denied the allegations saying, "I have never assaulted a woman".

Wynn has featured on the Forbes list of billionaires since 2004 but now he has sold his 8 million shares in privately negotiated transactions. Its shares traded between $174.06 and $179.24 on Thursday. The Wynn resorts stocks closed at $175.54 a share on Thursday, marking a plunge of 1.9 percent from Wednesday's close.

On Tuesday, he sold about a third of his stake in Wynn Resorts, 4.1 million shares. The sale price was down upto 10 percent as compared to January 25, before the alleged news of sexual misconduct broke out.

Galaxy Entertainment, a Macau casino operator has agreed to buy 5.3 million shares of Wynn Resorts at $175 a share, giving it a stake of around 5 percent in the Wynn, which has resorts in Las Vegas and Macau.

Galaxy boasts of being one of the six licensed operators in the world's largest gambling hub of Macau and it also competes with Wynn, Melco Resorts, Sands China and MGM China.

According to the reports of Wall Street Journal, many of the people reveal decades of alleged sexual misconduct by Steve Wynn, including “pressing employees to perform sex acts against their will.”