Elaine Wynn (pictured in a file photo), the single-largest shareholder in United States-based casino operator Wynn Resorts Ltd, has confirmed to the Nevada Gaming Control Board via video link, that she wishes to withdraw her application for a “finding of suitability as a beneficial owner” of the firm, as she no longer wishes to seek to retain a seat on the company’s board.
That is according to Las Vegas media reports of Wednesday’s proceedings. She was also cited as saying she thought the current chairman, Phil Satre – whom she helped to appoint, following a turbulent period in the group’s history – was doing a good job. Wynn Resorts is the parent of Macau casino licensee Wynn Macau Ltd.
The final approval on the application for withdrawal of an application of “suitability” – the term used in Nevada regarding whether a person is fit to be involved in management of a gaming licence in the state – will be for the Nevada Gaming Commission, on September 24.
Ms Wynn – twice divorced from former Wynn Resorts’ chairman and chief executive, Steve Wynn – has an 8.84-percent stake in Wynn Resorts Ltd. Forbes magazine estimated her real-time net worth as of Friday, at US$1.8 billion.
Mr Wynn, the original chairman and chief executive of the company, resigned from his posts in early 2018, amid allegations of sexual misconduct by him, against some female staff. He has denied any wrongdoing. He subsequently sold his shares in the business.
At the Wednesday hearing, Ms Wynn – who co-founded Wynn Resorts – reportedly told the control board that she would not be eligible for a board seat, even if she wished to have one. The Las Vegas Review-Journal newspaper said that the age limit for Wynn Resorts’ board members was 75. Ms Wynn is 78.
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“We expect Las Vegas Sands to not have any material change in strategy. The focus remains developing Macau and Singapore”
Vitaly Umansky, Kelsey Zhu and Tianjiao Yu
Analysts at brokerage Sanford C. Bernstein