Steve Wynn, founder and chairman of casino operator Wynn Resorts Ltd, is now the largest single shareholder of the firm after an institutional investor cut its own stake for the second time in as many months.
T. Rowe Price Group Inc, a mutual fund investor, has reduced its stake in Wynn Resorts by more than half to 4.7 million shares, according to a regulatory filing by the casino operator on Friday. Wynn Resorts, the parent of Wynn Macau Ltd, said the date of the change was June 30.
In May, the Baltimore-based mutual fund manager had cut its Wynn Resorts stake by almost 40 percent, but had remained the largest single stakeholder with 10.4 million shares.
After the latest reduction, T. Rowe Price’s stake now totals 4.6 percent, according to Friday’s filing.
A Wynn Resorts’ proxy filing of February 2 said Mr Wynn held approximately 10.1 million shares, or 9.9 percent of the company, while his ex-wife Elaine Wynn held as of that date approximately 9.5 million shares, or 9.4 percent, of Wynn Resorts.
The stock fell 1.2 percent to US$103.90 at the close in New York on Friday. Wynn Resorts has declined 30 percent this year.
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Chairman and CEO of MGM Resorts International