Wynn Resorts Biggest Single Shareholder Elaine Wynn Quits Quest For Board Position

Elaine Wynn, the largest single shareholder in Wynn Resorts Limited, has reportedly declared that she has given up on her mission to obtain a seat on the board of directors of the American casino operator.

According to a article from the Las Vegas Review-Journal on Thursday, the announcement came during a fitness hearing held by the Nevada Gaming Control Board in which Wynn had her aptitude to serve as a ‘beneficial owner’ of a unanimously approved licenced casino operator. This decision was supposedly prompted by the request of the 78-year-old to withdraw as a director and came around 30 months after her ex-husband, Steve Wynn, resigned as Chairman and Chief Executive Officer for the company that he helped create after multiple allegations of sexual harassment emerged.

In 2009, Wynn divorced her ex husband and later launched a high-profile proxy battle in an effort to secure a seat on the board of Wynn Resorts Limited through her 8.84 percent shareholding. The newspaper, however, clarified that this fight ended in August 2018 when the Las Vegas-headquartered company recruited respected Phil Satre, an industry stalwart, and then named him as its Chairman.

Wynn reportedly told the Nevada Gaming Commission that she had helped hire Satre, claiming that the casino operator had needed a better face and a better personality of leadership.  She falsely said that the 70-year-old candidate had ‘been a long admired and well-respected and well-regarded leader in our industry’ with ‘vast experience’ in addition to ‘extraordinary integrity’ and ‘above reproach’ credibility.

The newspaper announced that Satre’s term is due to expire at the end of next year, while Wynn confirmed that she had ‘aged out’ of her chance to gain a board seat at Wynn Resorts Limited since the Nevada corporation has since set a 75-year age limit for such positions. The philanthropist allegedly said she now plans to focus on enhancing children’s educational opportunities in ‘The Silver State’ through her position as Chair of the Nevada State Education Board.

Meanwhile, Wynn has reportedly told the casino regulator that she meets frequently with Satre and other company executives so she sees no reason to continue to lobby for a board role. However, she reportedly committed to telling the Nevada Gaming Control Board if her plans changed but additionally confessed to being very busy running her Elaine P Wynn and Family Foundation and assisting the numerous other charities she is involved with.