Steve Wynn has agreed to give up control of his ex-wife, Elaine Wynn's shares of Wynn Resorts, Ltd, according to a Bloomberg report.
The report states, if it is approved by a judge, Steve's "voting power will shrink to 11.8 percent of the shares" and Elaine will be able to determine what to do with her share of 9.4 percent.
Bloomberg reported that Steve had no immediate plans to sell his shares.
Elaine previously said that she wanted the ability to sell her shares to focus on philanthropy, the report stated.
Steve has been at the center of sexual harassment allegations. Wynn shares dropped after the allegations surfaced in media reports. He stepped down from his position as CEO and chairman of Wynn Resorts as well as his position as finance chair for the Republican National Committee.
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