Months ago, real estate and casino mogul Steve Wynn had an article published by The Wall Street Journal about him that alleged that tens of former employees of Wynn’s were victims of sexual harassment, assault, and/or battery.
Such claims were certainly built in a strong, concrete foundation, as his now-former wife, Elaine Wynn, claimed that he once coerced a female employee at his family’s Wynn Las Vegas hotel, casino, and resort to engage in sexual intercourse with him, all of which happened sometime in 2005. Steve Wynn paid out a whopping $7.5 million to that female, though he claimed that he didn’t commit any of the allegations brought forth against him.
Weeks after such allegations made their way into news media circles around the world, Steve Wynn stepped down from the position of finance chairman of the RNC, or the Republican National Committee. Days later, Wynn formally resigned as the chief executive officer of Wynn Resorts.
Today, Wynn is closing up court battles between himself and his now-former spouse Elaine Wynn, and has no involvement with Wynn Resorts.
Wynn Resorts has made its rounds in news media circles just yesterday, on Friday, April 13, 2018, as rumors came about that Las Vegas Sands Corporation is likely to purchase Wynn Resorts, Limited, in the next few weeks. Wynn no longer holds any stake in the company, having recently sold it in exchange for other assets.
Further, experts believe that Elaine Wynn – she’s still got a controlling stake in the company – will not try to get involved in any business involving the sale of the company, meaning that, since there’s no powerful Wynns left in the controlling stock ownership ranks of Wynn Resorts, the company is today more ready to sell its ownership interests than ever before.
Wynn Resorts’ recent financial performance is promising, as it recently broke back into positive cash flow for the first time in several years, bringing in a whopping $940 million. The company, trading as WYNN on the New York Stock Exchange, is currently proud to boast a roughly $20 billion market cap on operating income of $1.06 billion.
Las Vegas Sands is considerably bigger than Wynn Resorts, coming in at a valuation of $56 billion. Seeing as the soon-to-be-sold Wynn Resorts is worth significantly less than its Wynn-led counterpart, the deal is likely to be traded in all stock.