GGRAsia – Steve Wynn, ex-wife Elaine settle litigation

Steve Wynn, ex-wife Elaine settle litigation

Apr 17, 2018 Newsdesk Latest News, Top of the deck, World

Years of courtroom battles between billionaire Steve Wynn, founder of casino operator Wynn Resorts Ltd, and his ex-wife, Elaine Wynn, ended on Monday with a settlement.

“Elaine Wynn and Steve Wynn have agreed to settle Ms Wynn’s remaining claims that Mr Wynn breached their stockholders’ agreement,” the U.S.-based gaming operator said in a press release.

The company said additionally that Ms Wynn had dropped claims against it and Kim Sinatra, the firm’s executive vice president and general counsel.

“Ms Wynn has also released her claims against the company and Kim Sinatra relating to Mr Wynn’s alleged breach of that [shareholders’] agreement. The company and Ms Sinatra have released their claims brought against Ms Wynn, all emanating from the litigation that was filed in 2012, thereby finally resolving all claims in that litigation,” stated Wynn Resorts.

“Under the terms of the settlement, neither the company nor Ms Sinatra made any payment,” it added in Monday’s release.

A judge who was to begin seating a jury for a planned six-week trial in Las Vegas dismissed prospective jurors after all sides declared the case ended with a payment pending from Mr Wynn to his ex-wife, reported the Associated Press.

The settlement amount was not disclosed. Lawyers for all parties said details would be posted in a Securities and Exchange Commission filing, said the media outlet.

Wynn Resorts is the parent company of Macau casino operator Wynn Macau Ltd.

In March, Mr Wynn and his ex-wife agreed to declare as “invalid” a 2010 stockholders’ agreement involving them and Aruze USA Inc concerning control of each party’s respective shares of Wynn Resorts.

The stockholders’ agreement disallowed any of the subscribers – Mr Wynn, Ms Wynn and Wynn Resorts’ then biggest single shareholder, Aruze USA Inc, a firm at the time headed by former Japanese business partner Kazuo Okada – from selling their shares of Wynn Resorts without the consent of the other signatories.

Wynn Resorts announced in early March that it had agreed to pay a total of US$2.4 billion to settle the 2012 stock redemption dispute with Aruze USA and the latter’s parent company, Universal Entertainment Corp.

Mr Wynn resigned from the gaming group in February amid allegations of sexual impropriety. Since then, the businessman has sold his entire stake in Wynn Resorts. Until last month, he was the largest shareholder in the company, with 12.13 million shares.

According to company information, Ms Wynn is now the largest single shareholder in Wynn Resorts. As of March 20, 2018, Ms Wynn owned 9,539,077 shares, or approximately 9.25 percent, of the company’s stock.

According to the Associated Press, Mr Wynn released a statement through a spokeswoman on Monday saying that “all outstanding legal issues” had been resolved with his ex-wife and expressing “gratification that he was able to put all of the personal unpleasantness of the last few years between he and Ms Wynn behind him.”