New Galaxy found for Wynn Resort as Steve Wynn exits

Wynn Resorts is no longer owned by founder Steve Wynn, with all shares in the company picked up by Macau’s Galaxy Entertainment Group and two of Wynn’s current investors.

Galaxy Entertainment Group has agreed to purchase 5.3 million primary shares of Wynn Resorts at a price of US$175 a share, resulting in US$927.5 million of gross proceeds to Wynn Resorts.

In addition, two long-term institutional investors, both investors in Wynn Resorts, have agreed to purchase the remaining eight million shares held by Steve Wynn, also at US$175 a share.

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