{"id":75705,"date":"2018-04-18T07:14:14","date_gmt":"2018-04-18T14:14:14","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=75705"},"modified":"2018-04-18T07:14:14","modified_gmt":"2018-04-18T14:14:14","slug":"elaine-wynn-vows-board-shake-up-at-wynn-resorts-expect-heads-to-roll","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/elaine-wynn-vows-board-shake-up-at-wynn-resorts-expect-heads-to-roll\/","title":{"rendered":"Elaine Wynn Vows Board Shake Up at Wynn Resorts, Expect Heads to Roll"},"content":{"rendered":"

Wynn Resorts\u2019 biggest shareholder, Elaine Wynn ,wants an immediate shake up of the board that once backed a resolution, led by her ex-husband, Steve Wynn, to oust her.<\/p>\n

\"Elaine
Elaine Wynn says she believes the Wynn Resorts board needs to be \u201creconstituted immediately\u201d with new blood that has no loyalty to either her or her ex-husband, Steve Wynn. (Image: Associated Press)<\/figcaption><\/figure>\n

The day after Ms. Wynn settled a longstanding legal battle<\/a> with the company and her former spouse, she wrote to the board demanding it reopen the window for shareholders to schedule new business and nominate new directors.<\/p>\n

In a letter filed to the Securities and Exchange Commission on Tuesday, she suggested a 60-day reinstatement of the nomination process \u201cto allow a fully vetted nomination process to occur\u201d in time for the company\u2019s forthcoming AGM.<\/p>\n

Ms. Wynn said she does not intend to seek a board position herself but believes sweeping changes to the corporate structure are needed. She would nominate fresh blood that was independent of her, the company, and Steve Wynn in order to \u201crestore the company\u2019s reputation,\u201d she added.<\/p>\n

Steve Wynn Steps Down<\/strong><\/h2>\n

I believe that the company\u2019s governance structure needs to be reformed and that the board of directors needs to be reconstituted,\u201d she wrote. \u201cThis should be done immediately and certainly before any material decisions are made that could affect the long-term interests of the shareholders.\u201d<\/p><\/blockquote>\n

Ms. Wynn became Wynn Resort\u2019s largest shareholder, with 9.25 percent, after her ex-husband sold his equity<\/a> in the company last month to protect its gaming licenses from an escalating sexual misconduct scandal. Lawsuits from disgruntled shareholders have been mounting, claiming the board must have known about its former chairman and CEO\u2019s alleged behavior but failed in its duty to protect the company.<\/p>\n

\u201cThe nominees would be highly respected and, in most cases, have significant public company experience,\u201d wrote Ms. Wynn. \u201cThey would have the requisite expertise and experience to help the company address both its opportunities and challenges. The nominees would help the board conform to current best practices with respect to diversity and would be selected with a view to applicable licensing requirements.\u201d<\/p>\n

Hold Off on Boston<\/strong><\/h2>\n

Ms. Wynn, a Wynn Resorts co-founder, was ousted from the board in 2015 because she had filed suit against the company in an effort to retain control of her shares. A 2010 shareholder agreement, drawn up as part of the Wynns\u2019 divorce settlement, had frozen both parties\u2019 ability to sell their shares. The agreement was revoked by a judge to allow Mr. Wynn to divest himself of his equity last month.<\/p>\n

Ms. Wynn said she wanted a new board before any major decisions could be made about possible transactions.<\/p>\n

\u201cI raise this because of various market rumors and the Bloomberg headline of April 13 reading\u00a0\u2018Wynn Resorts\u00a0CEO Maddox Says Boston Casino Sale Possible,\u2019\u201d her letter said<\/p>\n

The board is rumored to be in talks with MGM about a possible sale of the unfinished Wynn Boston Harbor in Everett, Massachusetts.<\/p>\n","protected":false},"excerpt":{"rendered":"

Wynn Resorts\u2019 biggest shareholder, Elaine Wynn ,wants an immediate shake up of the board that once backed a resolution, led by her ex-husband, Steve Wynn, to oust her. The day after Ms. Wynn settled a longstanding legal battle with the company and her former spouse, she wrote to the board demanding it reopen the window […]<\/p>\n","protected":false},"author":36,"featured_media":75706,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,21,18],"tags":[],"acf":[],"yoast_head":"\nElaine Wynn Vows Board Shake Up at Wynn Resorts, Expect Heads to Roll<\/title>\n<meta name=\"description\" content=\"Elaine Wynn, Now Wynn Resorts\u2019 biggest shareholder, says the company board of directors needs to be \u201creconstituted\u201d to improve corporate governance and restore the company\u2019s reputation.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Elaine Wynn Vows Board Shake Up at Wynn Resorts, Expect Heads to Roll\" \/>\n<meta property=\"og:description\" content=\"Elaine Wynn, Now Wynn Resorts\u2019 biggest shareholder, says the company board of directors needs to be \u201creconstituted\u201d to improve corporate governance and restore the company\u2019s reputation.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/elaine-wynn-vows-board-shake-up-at-wynn-resorts-expect-heads-to-roll\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2018-04-18T14:14:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/04\/elaine-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2350\" \/>\n\t<meta property=\"og:image:height\" content=\"1619\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Philip Conneller\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@casinoorgphilc\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Philip Conneller\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/elaine-wynn-vows-board-shake-up-at-wynn-resorts-expect-heads-to-roll\/\",\"url\":\"https:\/\/www.casino.org\/news\/elaine-wynn-vows-board-shake-up-at-wynn-resorts-expect-heads-to-roll\/\",\"name\":\"Elaine Wynn Vows Board Shake Up at Wynn Resorts, Expect Heads to Roll\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/elaine-wynn-vows-board-shake-up-at-wynn-resorts-expect-heads-to-roll\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/elaine-wynn-vows-board-shake-up-at-wynn-resorts-expect-heads-to-roll\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/04\/elaine-1.jpg\",\"datePublished\":\"2018-04-18T14:14:14+00:00\",\"dateModified\":\"2018-04-18T14:14:14+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/58769b72851c8cf117fb58ca150ebf8b\"},\"description\":\"Elaine Wynn, Now Wynn Resorts\u2019 biggest shareholder, says the company board of directors needs to be \u201creconstituted\u201d to improve corporate governance and restore the company\u2019s reputation.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/elaine-wynn-vows-board-shake-up-at-wynn-resorts-expect-heads-to-roll\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/elaine-wynn-vows-board-shake-up-at-wynn-resorts-expect-heads-to-roll\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/elaine-wynn-vows-board-shake-up-at-wynn-resorts-expect-heads-to-roll\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/04\/elaine-1.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/04\/elaine-1.jpg\",\"width\":2350,\"height\":1619,\"caption\":\"Elaine Wynn says she believes the Wynn Resorts board needs to be \u201creconstituted immediately\u201d with new blood that has no loyalty to either her or her ex-husband, Steve Wynn. 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