Wynn director’s firm buys 1 million shares

Tuesday, Oct. 29, 2002 | 11:19 a.m.

Zenith National Insurance Corp. said Monday it agreed to buy 1 million shares of Wynn Resorts Ltd. common stock from the company at the initial public offering price of $13 a share.

Stanley R. Zax, chairman and chief executive at Zenith, is a director of Wynn, the filing said.

Wynn Resorts offered 34.6 million shares at $13 a share Friday. Money raised from the offering will help finance Steve Wynn's $2.4 billion Le Reve resort on the Las Vegas Strip as well as a proposed casino resort in the Chinese city of Macau.

Zenith National, based in Woodland Hills, Calif., made news in Las Vegas earlier this month when it agreed to sell its Las Vegas home-building business Perma-Bilt Homes to Meritage Corp. of Scottsdale, Ariz.

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