T. Rowe Cuts Wynn Resorts Stake, Leaving Founder Top Holder

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Wynn Resorts Ltd. CEO Steve Wynn
Wynn Resorts -- the company founded by billionaire Steve Wynn -- is building a $4.1 billion resort on Macau’s Cotai Strip. Photographer: Brent Lewin/Bloomberg

T. Rowe Price Group Inc. cut its stake in Wynn Resorts Ltd. by more than half to 4.7 million shares, according to a regulatory filing Friday, leaving founder Stephen Wynn as the largest stockholder.

The Baltimore-based mutual fund manager was the largest investor in the casino operator as recently as April, with more than 10 million shares, and backed management in its ouster of board member Elaine Wynn, also a major investor in the company. The fund group’s stake now totals 4.6 percent.

Wynn Resorts gets more than two-thirds of its revenue from Macau, a market that has been a yearlong slump as wealthy Chinese cut back on their gambling. Wynn Resorts and other U.S. casino operators have more than $10 billion in projects under construction in Macau scheduled to open over the next two years.

The stock fell 1.2 percent to $103.90 at the close in New York. Wynn Resorts has declined 30 percent this year.

Wynn, 73, and his ex-wife Elaine, also 73, each own just under 10 percent of the stock, with him holding about 500,000 more shares, according to data compiled by Bloomberg.

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