Steve Wynn “intends to sell” some or all of his Wynn Resorts Ltd. shares, according to a securities filing Wednesday, capping a series of moves to allow the casino empire’s embattled founder to reduce his 12% stake, currently the largest of any shareholder. His position as Wynn Resorts WYNN -2.86% ’ largest shareholder has left him and the company subject to additional scrutiny by regulators in Nevada and Massachusetts, who are investigating the claims. Mr. Wynn has said it was “preposterous” that he would assault a woman; he hasn’t responded to other allegations. The lawyer previously said Mr. Wynn would decline to cooperate with the Journal because he doesn’t believe the newspaper would treat him fairly. Related Video Casino mogul Steve Wynn, facing allegations of sexual misconduct, spoke to Wynn Resorts employees and urged them to have pride in the company.

Source: Wall Street Journal March 21, 2018 17:37 UTC