Elaine Wynn loses boardroom battle

Friday 24th of April 2015

Elaine Wynn, the second-biggest shareholder in Wynn Resorts, has lost her battle for a seat on the board after failing to win over a sufficient number of shareholders to back her re-election at an annual general meeting.

Wynn has been in a war of words with the board of the casino operator, which was co-founded by her former husband Steve Wynn.

In a press release Wynn said that, based on the preliminary vote count provided by its proxy solicitor, D.F. King & Co., stockholders have re-elected Wynn Resorts' director nominees, Mr. John J. Hagenbuch and Mr. J. Edward Virtue.

The company thanked Elaine Wynn for her service and added that it expects to expand the board with one or more qualified, diverse and independent directors by the end of 2015.

Wynn has been in a high-profile war of words in a bid to retain her position at the top table.

On Monday, the company sent a letter to shareholders urging them not to vote to return Elaine Wynn, saying her current litigation with Steve Wynn creates a conflict of interest in the board room.

Robert J. Miller, who serves as Chair of the Board's Nominating and Corporate Governance Committee, wrote that Hagenbuch and Virtue are objective and independent business professionals who “bring the outside perspective and experience that stockholders deserve.”She countered saying she had more than four decades of experience in the casino industry and is the one best able to help manage an eventual leadership transition process within the company that is dominated by her former spouse.

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