Steve Wynn’s $7M in stock donations detailed

Wynn Resorts Ltd. has revealed that Chief Executive Officer Steve Wynn donated nearly $7 million worth of company stock in December mainly for medical research.

Wynn donated $5 million of stock to the University of Iowa’s Wynn Institute for Vision Research while $1.7 million was given to a fund to make charitable distributions mainly in Las Vegas, said Michael Weaver, senior vice president of marketing for Wynn Resorts.

The Review-Journal reported last week that Wynn had donated 72,851 shares of Wynn Resorts on Dec. 13 to undisclosed recipients, citing Securities and Exchange Commission documents. The shares closed that day at $93.50.

The Review-Journal had asked whether it may have been used for political purposes. Wynn was appointed to President Donald Trump’s inauguration committee in November and last week was named finance chairman of the Republican National Committee.

“Reports that the funds were used for political contributions are false,” Weaver said.

Wynn, who suffers from a rare, inherited eye disease, donated $25 million to the Institute for Vision Research in 2013, according to the University of Iowa website. The Institute was later renamed in his honor.

U.S. News World & Report ranked the University of Iowa among the top seven ophthalmic hospitals for 2015.

Wynn owns 12.1 million shares, or 12 percent, of Wynn’s Resorts. The stake is worth roughly $1.2 billion based on Monday’s closing price of $97.02

Contact Todd Prince at 702-383-0386 or Follow @toddprincetv on Twitter.

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