Wynn Resorts Executives Sell $3M in Company Stock

Recently, several DraftKings executives sold nearly $80 million worth of company shares. This was evident from Form 144 filings released by the company, confirming that executives dumped some $78.8 million in company shares between January 22, 2024, and February 8, 2024. The list of DraftKings executives who sold part of the company’s shares includes Jason Robins, Paul Liberman, as well as Stanton Dodge.

In a similar move, several Wynn Resorts executives also sold company shares earlier this month. SEC filings released by the company reveal that three executives sold nearly $3 million in company shares.

Executives Sell Part of Their Shares

Craig Billings, Wynn Resorts’ CEO, sold the largest number of shares out of all executives recently. Overall, he disposed of 19,235 company shares with aggregate market value of $2.08 million, a February 8, 2024, filing reveals. After the sale, Billings was left with a substantial 112,945,993 number of shares.

Julie Cameron-Doe, Wynn Resorts’ chief financial officer, also offloaded a number of company stock. According to a February 9, 2024, filing, she sold a total of 6,383 shares with an aggregate market value of $671,939. This left Camerion-Doe with 112,945,993 shares in Wynn.

Elizabeth P. Mulroy, who holds a director role with the company sold shares as well, judging by a February 9, 2024, Form 144 released by Wynn Resorts. The executive sold a total of 960 of the company’s stock with an aggregate market value of $100,963.

Partial sales of company stock by executive-level members with companies within the gambling sector is not uncommon. This is because C-suite executives receive company stock as a part of their remuneration package.

Often times offloading company stocks enables executives to access cash. Still, Form 144 includes information such as the executive’s outstanding shares but it doesn’t detail why the shares are sold.

Construction of UAE Project Continues

The sale of shares comes at a time when Wynn anticipates starting the construction of the hotel tower for its Al Marjan project in the United Arab Emirates. The hotel and entertainment resort with a $4 billion price tag is expected to welcome its first visitors early in 2027.

In a recent update, Wynn Resorts confirmed that the construction of the massive project has reached a phase where the vertical development of the hotel tower would be initiated. Billings described the new resort as a “stunner,” outlining that it is a part of the company’s strategy to diversify its offering and expand its global footprint.