Casino mogul Steve Wynn has dumped 2 million shares of his company Wynn Resorts (WYNN) for $57 each. The share sale amounts to giving up about 10% of the company, and according to local Las Vegas news reports, the sale was done in order to pay for his very expensive divorce from his wife Elaine.
Folks, this is some smart money management. Sure, he probably doesn’t want to give up 10% of the company that bears his name, but it’s a much better move than taking out debt against those shares, which is what he might have done in another time, and what Sumner Redstone did when he got divorce — a move that’s come back to haunt him years later.
You take the pain, sell the shares and move on. Take your cues from Mr. Wynn if you find yourself in the same situation.
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