Wynn Trades Golf-Course Option for Call on His Company’s JetsRob Golum
Steve Wynn, founder and chief executive officer of Wynn Resorts Ltd., terminated an option to buy a two-acre tract on the company’s Las Vegas golf course in return for the right to buy any or all of its aircraft.
The aircraft purchase option may be exercised upon 30 days written notice and at a price equal to their book value, Las Vegas-based Wynn Resorts said in a regulatory filing today.
The option for the jets will terminate when Wynn’s employment agreement with the company ends, according to the filing. The deal was approved by the audit committee of the board of directors.
Wynn, operator of casino resorts in Las Vegas and Macau, gained 1.2 percent to $120.78 at the close in New York. The stock rose 1.8 percent last year.