The largest individual shareholder in Wynn Resorts Limited, Elaine Wynn (pictured), has reportedly announced that she has given up on her quest to secure a place on the American casino operator’s board of directors.
According to a Thursday report from the Las Vegas Review-Journal newspaper, the revelation came during a Nevada Gaming Control Board fitness hearing in which Wynn had her suitability to serve as a ‘beneficial owner’ of a licensed casino operator unanimously approved. This consideration was purportedly triggered by the 78-year-old’s request to withdraw as a director and came some 30 months after her ex-husband, Steve Wynn, resigned as Chairman and Chief Executive Officer for the firm he helped to establish following the emergence of several sexual assault allegations.
Wynn divorced her former husband in 2009 and subsequently initiated a high-profile proxy fight in an attempt to gain a seat on the board of Wynn Resorts Limited via her 8.84% shareholding. However, the newspaper explained that this battle ended in August of 2018 when the Las Vegas-headquartered firm hired respected industry stalwart Phil Satre and subsequently installed him as its Chairman.
Wynn reportedly told the Nevada Gaming Commission that she had helped to recruit Satre as she believed the casino operator had ‘needed to have a better face’ as well as ‘a better leadership personality’. She purportedly proclaimed that the 70-year-old recruit has ‘been a long admired and well-respected and well-regarded leader in our industry’ that possesses ‘vast experience’ in addition to ‘extraordinary integrity’ and a reputation that is ‘above reproach’.
The newspaper reported that Satre’s term is due to expire at the end of next year while Wynn revealed that she had ‘aged out’ of her chance to secure a board seat at Wynn Resorts Limited due to the fact that the Nevada company has since set a 75-year-old age limit for such positions. The philanthropist purportedly stated that she now intends to concentrate on improving the educational prospects of children in ‘The Silver State’ via her role as President of the Nevada State Board of Education.
In the meantime, Wynn reportedly told the casino regulator that she regularly communicates with Satre and other company executives so sees no need to continue pushing for a board position. However, she did purportedly commit to informing the Nevada Gaming Control Board if her plans changed but additionally admitted to being very busy running her Elaine P Wynn and Family Foundation and assisting the several other charitable organizations with which she is affiliated.
[table id=1 /]