- Wynn Resorts Ltd co-founder Elaine Wynn said she doesn’t desire to return to the company’s board of directors.
- As the current Nevada State Board of Education president, she would like to focus on the education needs of the state, she said.
- Elaine Wynn requested to withdraw as director, triggering a hearing on Wednesday, according to Board Chairwoman Sandra Morgan.
- Wynn lost her board seat when she was involved in a proxy battle involving the company and her ex-husband.
Las Vegas humanitarian and Wynn Resorts Ltd co-founder Elaine Wynn has no desire of returning to the company’s board of directors and said she wouldn’t be qualified even if she wanted to.
The Nevada State Board of Education president told members of the Nevada Gaming Control Board Wednesday that her previous high-profile attempt to retain a board seat is behind her. Wynn also added that the present Wynn Resorts Chairman Phil Satre is doing a great job and feels she has his ear as the largest shareholder of the company.
At 8.84% of the shares of the company, Wynn became the largest shareholder in the hotel-casino when her ex-husband and former Chairman and CEO Steve Wynn resigned from the company in February 2018 as a result of a sexual harassment scandal touching on him. While he said he was innocent, he sold off his company stock within a month.
Elaine Wynn requested to withdraw as a director and applied for a “finding of suitability as a beneficial owner” of a licensed casino operator, triggering Wednesday’s hearing, said Board Chairwoman Sandra Morgan.
The Control Board unanimously recommended approval to find the philanthropist worthy as a beneficial owner of the company. The Nevada Gaming Commission will look at the recommendation on September 24.
Elaine Wynn had a proxy battle involving Wynn Resorts and her former husband beginning some five years ago. She had tried to hold on to the seat on the board but stopped the fight after saying that she had recruited Satre for consideration of a board seat.
Satre joined the company’s board in August 2018 and rose to become its chairman three months later.
Elaine Wynn told the board the Wynn Resorts “needed to have a better face” and “leadership personality.” She said it was fortunate for her to reach out to Satre, “a long-admired and well-respected and well-regarded leader” in the industry. She added that he “is above reproach with extraordinary integrity” and “has vast experience.”
Elaine Wynn said Satre and her “were merely acquaintances” who had no friendship or long-established relationship, other than her appreciation from a distance.
The Wynn Resorts Ltd co-founder said she has stayed in touch with Satre and some company executives but has no aspiration of returning to the board. She prefers to focus on the education needs of the state, her family foundation, and the charitable boards with which she is associated.
While Elaine Wynn assured the board that she would inform the board in case her position on the matter changes, she maintained that she wouldn’t be eligible due to aging.
She is 78, and the board age limit is 75.