Updated with Wynn closing stock price.NEW YORK ( TheStreet) -- Steve Wynn and his chief operating officer are pushing back from the table. Since the end of July, Steve Wynn has sold $114 million worth of shares in Wynn ( WYNN) and his Chief Operating Officer Marc Schorr has sold over $7 million. It's the first time in the last decade that Wynn has sold such a large chunk of shares. For Schorr, the proceeds from his sale exceeded his average annual total compensation over the past three years. For these casino operators, their sales might be a canary in the coal mine to other investors to take some profits on the gains in this sector since the March lows. Since March 9, Wynn is up 343%, MGM ( MGM) is up 480% and Las Vegas Sands ( LVS) is up a whopping 886%. The valuations are rich, with Wynn sporting an 80 times forward price-to-earnings ratio, with Las Vegas Sands at 60 times. Meanwhile, Wynn carries a debt load of $4 billion and a meager free cash flow of $456 million. Las Vegas Sands is saddled with $11 billion in debt and $242 million in free cash flow. Forward P/E figures weren't available for MGM, but it has $12 billion in debt and $885 million in free cash flow. Wynn's stock price is virtually unchanged from a year ago. Is the forward-looking prognosis for this sector really the same today as back then? Just a few days ago, MGM's mega-project, City Center, announced that over 160,000 applicants swamped their job fair for 12,000 positions. That suggests to me that -- while Vegas may still remain a playground for celebs and the super-rich -- the regular consumer will find it difficult to splurge for a trip to Sin City for the foreseeable future. Shares of Wynn closed at $67.35, down $1.29, or 1.9%.
- Personal use of aircraft. Steve Wynn racked up over $1 million in personal trips last year and both Wynn and Las Vegas Sands lease their aircraft fleet from companies controlled by Wynn and his counter-part Sheldon Adelson.
- Leasing Steve Wynn's personal artwork collection and then picking up the tab for the insurance.
- Valuing a coffee bar within a hotel as worth $3.1 million and then buying Adelson's 50% stake from it.
- Setting up jobs for wives, step-daughters, nieces and nephews with total annual compensation worth as much as $4 million.
- Paying $3 million for security costs related to protecting Adelson and his family (although Adelson chipped in $800,000 to the total bill).
- Help in buying stock near the all-time lows, such as when Adelson's wife bought preferred stock and warrants last November which has since led to paper gains of over $1 billion. Las Vegas Sands' shareholders paid the $500,000 in legal fees she incurred in making this purchase.
- Covering rent and amenities at the Wynn's personal residence for $580,000. Interestingly, a recent third-party analysis of this residence determined that the rent would not be reduced for the coming year, despite "the significant deterioration in the rental market in Las Vegas."
- Personal construction of Las Vegas Sands's SVP Robert Goldstein's house in the amount of $364,000.