Steve Wynn Sells Shares Of Casino Stock To Pay For Divorce

Steve Wynn currently has the highest casino stock price for any US-based company with his Wynn Resorts. The price has hovered around $57 a share for a while now, and that is much better than other companies that are struggling around the $10 mark.

Wynn, however, is going through a tough time personally. He is in the midst of a divorce, and he is using the company he owns to pay for the divorce. Wynn has sold $2 million shares in Wynn Resorts at $57 a share in order to cover the divorce expenses.

"For Steve Wynn, this was the best option he had," said observer Phil Growl, "even though he is losing a portion of his company, he does not have to put himself in further debt in the future. This way, he just gets it over with."

Wynn, by selling the shares, is giving up almost ten percent of his company. He still is the majority owner, and it is likely his remaining shares will go up in value as the country sorts out its economic mess.

The stock has remained the most successful of all US-based casino company stocks. At a time when Las Vegas Sands, MGM Mirage, and other companies are just fighting to stay out of bankruptcy, Wynn has maintained a healthy lead in stock price.

Trump Entertainment and Station Casinos have already filed for bankruptcy. In Trump's case, help could be on the way in the form of the person whose name the company bears, Donald Trump. He is attempting to buy the company, and has vowed to once again make Atlantic City a top gambling destination.

August 18, 2009
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com
Submit News!

Casino Gambling Down In Kansas City For Second Month In A Row
How Will Hurricane Season Affect US Casino Revenue This Year?
Legal Casino Gambling Age Becoming An Issue Around US
Second Iowa Casino Could Bring Horse Racing Facility As Well
Station Casinos Post Big Loss, Boyd Gaming Still Interested