Elaine Wynn Withdraws Casino Board Application
Posted on September 17, 2020 at 2:09am
The renowned Wynn Resorts Limited, which has multiple casinos venues around the world, is undergoing significant changes. It has been reported that, Elaine Wynn, ex-wife of former Chairman and Chief Executive Officer (CEO) Steve Wynn, has officially given up attempted to obtain a chair at the Wynn Resorts Limited board. The revelation came recently, during a hearing that Elaine attended at the Nevada Gaming Control Board.
The original purpose of the hearing was to determine if the lady was fit to hold a position as a board member, given that she is also the biggest shareholder in the company. However, the 78-year-old woman took the opportunity to rather withdraw her application entirely.
Of course, this is not the first big upset experience by the massive casino conglomerate in recent years. It was not long ago that Steve Wynn resigned as CEO, though not necessarily of his own accord. He was rather forced to make the decision after multiple allegations of sexual harassment were levelled against him, throwing the casino company into turmoil.
A Raging Battle
All in all, it has been a very long battle for Elaine, who has been on a relentless mission to secure a seat at the board since as long ago as 2009. It was then that she divorced Steve Wynn and launched into a battle with Wynn Resorts Limited to be granted a seat. Her stance was that being an 8.84% shareholder was more than enough reason for her to be granted the position. Though, this was not agreed on, and the Nevada regulatory watchdogs were hesitant to give the go ahead.
Either way, although only officially withdrawing her application now, most considered her battle to be over as long ago as 2018. It was then that Phil Satre officially took on the position of new chairman.
Behind The Scenes
But, according to what Elaine explained at the Nevada Gaming Commission, she had played a part in all of it, pulling the strings behind the scenes. She stated that it was her that had helped secure Satre for the position. She had chosen him specifically, she elaborated, given that the casino group had needed someone with leadership and personality at the helm.
She also stated that she meets with Satre on a regular basis to conduct business. Therefore, she explained, she no longer saw any reason to be a member of the board at all, given that it seemed unnecessary. Though, she concluded that if her plans changed, she would make an official announcement.
It should be noted that Satre’s term will be expiring at the end of 2021. It should also be noted that a new law has been put in place in Nevada, effectively disallowing anyone over the age of 75 a position on a casino operator board. So, regardless of what happens, and what she personally decides, according to law Elaine Wynn is no longer eligible for the position she sought for so long, and in fact has not been eligible for 3 years.
A Busy Woman
Even while pursuing a position at Wynn Resorts Limited, it seems as if the lady has stayed very busy. Though, in ways not related to the casino industry.
Given that she holds a position as Chair at the Nevada State Education board, she has spent much of her time focusing on education opportunities for youths in the area.
She has also been busy with the charity organisation in her name, Elaine P Wynn and Family Foundation. Though, it apparently isn’t the only she is involved in, with her proclaiming that she lends a hand with numerous charitable organisation around the state, and the world.