Elaine Wynn loses her seat on the Wynn Resorts board of directors


Posted on the 27th of April 2015

Elaine Wynn loses her seat on the Wynn Resorts board of directors

Elaine Wynn has lost her seat on the board of directors at Wynn Resorts Ltd (NASDAQ: WYNN), a company which she founded with her ex-husband Steve Wynn 13 years ago in 2002. Steve Wynn is currently the company’s CEO and Chairman. Steve and Elaine divorced in 2010, and although the separation agreement called for the couple to evenly split their stake, and for Mr. Wynn to always vote for Elaine to have a seat on the board, in 2012, Elaine sued Steve to break that agreement so that she could sell her shares at will. According to Wynn Resorts, Elaine’s interests aren’t aligned with those of the shareholders, and therefore, she was voted off the board. The casino company’s shares have fallen 40% over the last year due to China’s crackdown on corruption in Macau.

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