• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Wynn Resorts aims to remove Elaine Wynn from board

Mar 02, 2015 Newsdesk Latest News, Top of the deck, World  


Wynn Resorts aims to remove Elaine Wynn from board

Casino developer Wynn Resorts Ltd has proposed removing Elaine Wynn (pictured), ex-wife of the company’s chairman Steve Wynn, as a so-called Class I director, thus reducing the number of such directors from three to two.

Under corporate law in the United States, companies commonly use boards made up of directors of different classes, with different lengths of appointment – also known as a ‘staggered board’ – primarily as a defence against a hostile takeover.

Stockholder agreements first signed in 2002 and amended in 2006 and 2010 require Elaine Wynn to vote her 9.5 million shares in Wynn Resorts with her ex-husband, despite their 2010 divorce.

In 2012 – the same year Wynn Resorts forcibly ordered the redemption at a discount of the company shares held by its then biggest single shareholder, Japanese gaming entrepreneur Kazuo Okada – Elaine Wynn filed a lawsuit seeking to free her of the obligation to vote her stock with Mr Wynn.

“If Elaine Wynn prevails…Stephen A. Wynn would not beneficially own or control Elaine Wynn’s shares, which could increase the likelihood that a change in control may occur under the Wynn Las Vegas debt documents,” said Friday’s filing, referring to several high-yield bonds covering a portion of the casino operator’s long-term debt.

“The board decided not to re-nominate Elaine P. Wynn to serve as a director, based on the recommendation of the Nominating and Corporate Governance Committee,” said the filing.

But the document said Ms Wynn intended to nominate herself for election by shareholders even if the board does not support her.

The proxy statement said: “Pursuant to a letter dated February 13, 2015, Ms Wynn notified the company that in the event she is not nominated to serve another three-year term as a director of the company, she intends to nominate herself for election as a Class I director to the company’s board at the annual meeting.”

The meeting is due to take place on April 24. The other two current Class I directors are John J. Hagenbuch, who has served as a director since December 2012, and J. Edward Virtue, who has been a director since November 2012.


  • tweet
Related articles
  • Wynn Resorts to break ground for UAE in weeks: CFO
    Wynn Resorts to break ground for UAE in...

    Mar 16, 2023  

  • Macau ops to submit 2023 invest plans to govt this month
    Macau ops to submit 2023 invest plans...

    Mar 07, 2023  

More news
  • Nagasaki says Credit Suisse woes not to impact IR plan
    Nagasaki says Credit Suisse woes not to...

    Mar 20, 2023  

  • Macau GGR for March 1 to 19 at US$845mln: JP Morgan
    Macau GGR for March 1 to 19 at...

    Mar 20, 2023  


Latest News

Nagasaki says Credit Suisse woes not to impact IR plan

Nagasaki says Credit Suisse woes not to impact IR plan

Mar 20, 2023  

Credit Suisse Group AG, described last year by Nagasaki governor Kengo Oishi as one of several potential “financial arrangers” for a proposed casino resort project within that Japanese prefecture...
Read More
Macau GGR for March 1 to 19 at US$845mln: JP Morgan

Macau GGR for March 1 to 19 at US$845mln: JP Morgan

Mar 20, 2023  

Let’s Win hosts grand opening for club at Hoiana in Vietnam

Let’s Win hosts grand opening for club at Hoiana in...

Mar 20, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day


1.59 million

Total number of visitor arrivals to Macau in February



Most Popular

  • Universal Ent seeks to end SPAC deal for Okada Manila listingUniversal Ent seeks to end SPAC deal for Okada Manila… March 20, 2023
  • Let’s Win hosts grand opening for club at Hoiana in VietnamLet’s Win hosts grand opening for club at Hoiana in… March 20, 2023
  • Macau GGR for March 1 to 19 at US$845mln: JP MorganMacau GGR for March 1 to 19 at US$845mln: JP Morgan March 20, 2023
  • Macau visitor tally up 14pct m-o-m in FebruaryMacau visitor tally up 14pct m-o-m in February March 17, 2023
  • LET Group flags 2022 loss of US$52mln, Hoiana repays loanLET Group flags 2022 loss of US$52mln, Hoiana repays loan March 20, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us