As casino mogul Steve Wynn prepares to break ground on his newest project outside of Boston, his ex-wife, Elaine Wynn, is suing him for control of her ten-percent stake in his company Wynn Resorts, Ltd. The couple was married and divorced twice; their second relationship ended bitterly in 2010.
Elaine filed papers in Nevada claiming her ex-husband violated a stockholder agreement by engineering her ouster from the board last April, after she vocalized criticism regarding the way the company was run. As per Ms. Wynn’s filing, she is seeking to void the stockholder agreement and stop Wynn from exerting “full and perpetual control” of her life.
The 2010 stockholder agreement prevents Elaine from transferring stock without Mr. Wynn’s permission – conditions she now claims are invalid and unenforceable.
Mr. Wynn controls 11.8-percent of the company’s stock. Elaine’s portion (9.4-percent) is estimated to be worth close to $900 million.
“This lawsuit is filled with lies and distortions and is an embarrassment to Ms. Wynn and her counsel,” Steve Wynn said in a statement.
Among the alleged violations committed by Wynn is his failure to support Elaine’s renomination and reelection to the board last year. She lost the election when she collected just seven-percent of the vote. She says her removal from the board last year prevented her from protecting her economic interest in the company.
“What particularly saddens Mr. Wynn among the many falsehoods is the assertion that Mr. Wynn’s estate planning does not provide for his daughters and grandchildren,” a statement said. “This is untrue in every sense of the word and is a shocking allegation for a mother to make concerning family. This is an action unbecoming of a long-time director, significant shareholder and mother.”
According to Forbes, Wynn (developer of the Mirage, Treasure Island, and The Bellagio in addition to his namesake properties) is worth $2.7 billion. Elaine is rumored to be worth roughly $1.5 billion.
The couple, married from 1963 to 1986 and 1991 to 2010, has two daughters together. Wynn has been married to Andrea Hissom since 2011.
(Photo credit: Dave Taylor, Creative Commons.)
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