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Wynn Board Seeks to Oust Elaine Wynn

Wynn Board Seeks to Oust Elaine Wynn

Some are suggesting spite as the reason for the recent announcement that Elaine Wynn will lose her position on the board of directors from Wynn Resorts Ltd. After all, following a 2010 divorce from Chairman and CEO Steve Wynn, she sued him in 2012 over an updated stockholder agreement which removed Japanese billionaire Kazuo Okada. Following the removal, Steve Wynn redeemed Okada’s 20 percent stake at a 30 percent discount.

However, the company paints a different picture, where Wynn Resorts spokesman Michael Weaver said, “Mr. Wynn supported the candidacy of Elaine.”

She is far from going down without a fight, and has already planned her next move. A letter penned by her last month said she “intends to nominate herself for election as a Class I director” and will solicit votes from shareholders. The annual meeting for shareholders is April 24 in the Encore Theater.

In their 2010 divorce, both Steve and Elaine received 11 million shares in the casino company. The 9.5 million shares she currently owns contributes to her wealth at $2 billion, according to Forbes. The former married couple co-founded Wynn Resorts in 2000, and she has been a board member since 2002.

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