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BRIEF-Galaxy Entertainment Agrees To Purchase 5.3 mln Primary Shares Of Wynn Resorts At $175 Per Share

Reuters

March 22 (Reuters) - Wynn Resorts Ltd:

* ‍GALAXY ENTERTAINMENT GROUP AND WYNN RESORTS LIMITED ANNOUNCE INVESTMENT​

* ‍GALAXY ENTERTAINMENT AGREED TO PURCHASE 5.3 MILLION PRIMARY SHARES OF WYNN RESORTS AT $175/ SHARE, RESULTING IN $927.5 MILLION OF GROSS PROCEEDS TO WYNN

* TWO LONG-TERM INSTITUTIONAL INVESTORS HAVE AGREED TO PURCHASE REMAINING 8 MILLION SHARES HELD BY FORMER WYNN RESORTS CEO STEVE WYNN​

* ANNOUNCEMENT FOLLOWS SETTLEMENT TWO WEEKS AGO OF LONG-STANDING LITIGATION BETWEEN WYNN RESORTS AND UNIVERSAL ENTERTAINMENT CORPORATION​

* THE SALES, COMBINED WITH PREVIOUS SALES BY STEVE WYNN, EFFECTIVELY ELIMINATE HIS OWNERSHIP IN WYNN RESORTS​ Source text for Eikon: Further company coverage: