Wynn Resorts investor reduces ownership stake

14 July 2015

Investment firm T. Rowe Price Group, once the largest single shareholder in Wynn Resorts Ltd., has reduced its stake to 4.6 percent after the firm's second massive sell-off since April.

The firm once owned 17 million shares, or 16.8 percent of the company. In a filing with the Securities and Exchange Commission on Friday, Baltimore-based T. Rowe Price said it now owns 4.7 million shares. The company did not give a reason for a sale.

In April, T. Rowe Price reduced its ownership stake by 40 percent, selling almost 7 million shares.

Wynn Resorts spokesman Michael Weaver declined comment on the T. Rowe Price stock sale.

The move comes as Wynn Resorts continues to face added pressure in Macau, where the company earns more than 65 percent of its annual revenue and cash flow. The Macau gaming market is down more than 37 percent this year, and revenue has fallen 13 straight months.

Wynn Resorts operates two properties in Macau, and a third, the $4.1 billion Wynn Palace, is scheduled to open in the first half of next year on the Cotai Strip. It's one of more than $20 billion in projects -- including developments by Las Vegas Sands Corp. and MGM Resorts International -- that casino operators plan to open in Macau by 2017.

The stock sale by T. Rowe Price left Wynn Resorts Chairman and CEO Steve Wynn as the company's largest stockholder. Wynn, 73, owns just under 10 percent of the company's shares. However, his ex-wife, Elaine Wynn, also owns just under 10 percent, although Steve Wynn 500,000 more shares, according to data compiled by Bloomberg.

Steve Wynn controls the voting rights of his ex-wife's shares through a stockholders agreement that she is contesting.

In April, T. Rowe Price voted in support of the company's board against Elaine Wynn's proxy to remain on the board after she wasn't re-nominated for a seat she has held on the panel since the company was formed.

Combined, Steve Wynn and Elaine Wynn control 19.3 percent of Wynn Resorts.

The sale by T. Rowe Price comes as Wynn Resorts' stock has been challenged. Shares in the company have fallen by some 30 percent this year. Twice in the past month, Wynn's stock price has fallen below $100 a share, its lowest price in five years.

Wynn shares fell more than 1 percent Friday on the Nasdaq to close at $103.90 after the T. Rowe Price filing. On Monday, Wynn's shares closed at $107.90, up $4 or 3.95 percent, on news that Macau may soften its possible smoking ban inside casinos.

Related Links
T. Rowe Price Gaming Vendor Information


Copyright GamingWire. All rights reserved.
Featured Vendors
Top One Tech Limited
Casino City Press
Top One Tech Limited
Global Touch solution partner of choice, 10+ years OEM manufacturing, 100,000+ units application
Casino City Press
A leading publisher and distributor of casino and gaming business data and market research reports.
Slot Machines Unlimited
Rymax Marketing Services, Inc.
Slot Machines Unlimited
Exporter of IGT, Williams, AVP, Trimline, Aristocrat, Konami, Bally, & parts over 20 yrs experience
Rymax Marketing Services, Inc.
Leader in creating award winning player & employee loyalty programs & events proven to increase ROI
Casino Schedule Ease
Players Pal
Casino Schedule Ease
Full Featured & customizable for the complex scheduling needs of table games & other casino depts
Players Pal
Revolutionize the way you connect with your casino players with the Players Pal mobile app
TribalHub
Oklahoma Indian Gaming Association (OIGA) Conference
TribalHub
25th Annual TribalNet Conference Sept 16-19, 2024 Westgate Las Vegas
Oklahoma Indian Gaming Association (OIGA) Conference
The biggest little show in Indian gaming! Save the date: August 12-14, 2024 Oklahoma City
Dable Advisory & Consulting Services
Texas Slots & Gaming
Dable Advisory & Consulting Services
Advisory & consulting services services for Indigenous entrepreneurs, businesses & organizations
Texas Slots & Gaming
Wholesale gaming reimagined. Texas Slots & Gaming is your sustainable gaming partner.
AmericanChecked
Imagine This
AmericanChecked
Background checks for the gaming industry with key & non-key packages & fingerprinting solutions
Imagine This
Imagine This #1 Source for Player Gifts. Over $50 million in stock ready to ship! Let us serve you!
Regulatory Management Counselors, PC
Betson Imperial Parts & Service
Regulatory Management Counselors, PC
Over 45 years of experience serving the legal and regulatory needs of casino industry clients
Betson Imperial Parts & Service
Your one stop shop for all your gaming and OEM needs!
Talisman Group Creators of EZ Baccarat
Shenzhen ZhengYuanTai Technology Co., Ltd.
Talisman Group Creators of EZ Baccarat
With over 800 tables in 150+ casinos, EZ Baccarat is the number one brand in baccarat.
Shenzhen ZhengYuanTai Technology Co., Ltd.
14 years experienced gaming display manufacturer: open frame, curved, and halo monitors
Sunkist Graphics, Inc.
Indian Gaming Association's Mid-Year Conference & Expo
Sunkist Graphics, Inc.
Specializing in the creation of best-of-breed gaming graphics - slot glass, sign faces, and more
Indian Gaming Association's Mid-Year Conference & Expo
The perfect combination of learning, networking & sharing ideas on today's hottest topics in gaming
Global Gaming Expo (G2E)
Global Gaming Expo (G2E)
The largest gathering of global, commercial and tribal gaming professionals in North America.


Your Guide to 14,958 Gaming Industry Suppliers