Elaine Wynn Battles To Not Be Sidelined From Wynn Casino Empire

Steve Wynn has dominated Las Vegas with his mega Casino Empire and lavish casinos all across the world. His ex-wife Elaine Wynn has generally stayed out of the spot light but is one of the co-founders of Wynn Resorts and a former member of the board of directors.

The Wynn’s were married for over forty years and during that time built and developed a number of mega casinos all across the world. Once they divorced, things went downhill and Elaine soon found herself being ousted from the board of directors after serving for thirteen long years.

The decision to remove her from the board of directors did not go down well with her as she still wants to play a key role in the operations of Wynn resorts. One of the main reasons behind her being removed from the board was because Elaine filed a lawsuit against her ex-husband and that did not go down well with the board.

Elaine Wynn currently holds a 9.4% stake in the company, making her the third largest shareholder in Wynn Resorts. Her 9.4% stake is valued at close to $1.2 billion but these funds are paper based and not hard cash. Elaine has been restricted by a 2012 shareholder clause that only allows her to receive up to $10 million per year in share sales. This clause is applicable for the next 10 years and prevents Elaine from liquidating her shares.

Elaine decided to go to court and have this clause lifted as she wants to have access to her personal funds as she plans to give away large sums of money to charity. She is contemplating following the footsteps of Bill Gates and Warren Buffett’s Giving Pledge and increase her philanthropic contributions to help educational reforms and NGO’s.

In a statement, Elaine Wynn said

As the co-founder of Wynn Resorts, my contribution to the company transcends an operational role in any one project. When you walk into one of our resorts, you are entering the embodiment of a significant portion of my life’s work.

The board of directors at Wynn Resorts are concerned that this private battle could turn ugly in court and harm the shareholders of the company. The board believes that the legal counsel of Elaine Wynn will delve into board room discussions and confidential meetings in order to make a strong case for her. Steve Wynn and the board of directors hope they can settle this dispute at the earliest.