Steven Wynn selling about 4M shares in Wynn Resorts

Steven Wynn selling about 4M shares in Wynn Resorts
FILE - This March 15, 2016, file photo, shows casino mogul Steve Wynn at a news conference in Medford, Mass. Wynn plans to potentially sell all his stock in the casino-operator, a month after he resigned over sexual assault and harassment allegations. Wynn could potentially sell up to 12.1 million shares of stock. (AP Photo/Charles Krupa, File)

Former Wynn Resorts CEO Steve Wynn is selling about 4 million shares that he owns in the casino-operating company.

Wynn, who resigned last month from the company bearing his name after women accused him of sexual misconduct, had been the largest shareholder in the company. The stock sale will now make him the third biggest shareholder.

Shares of Wynn Resorts Ltd. closed at about on Wednesday, which makes the stock he’s selling worth approximately million. Wynn still owns about 8 million shares, or about 7.8 percent, of the company’s stock, according to a regulatory filing.

Wynn’s termination agreement restricts him to selling no more than one-third of his shares in a given quarter.