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Wynn Resorts Statement Regarding Elaine Wynn's Lawsuit

By Chuckmonster on Monday, 28th March 2016 12:36pm
  » filed under Las Vegas  comments: 3


Wynn Resorts Public Relations has issued a statement in response to Elaine Wynn's lawsuit.

Elaine Wynn's latest claims are consistent with the falsehoods and distortions she previously made against the Company and its CEO Steve Wynn.

In 2015, the independent directors of the Company chose not re-nominate Ms. Wynn to the Wynn Resorts Board of Directors. As a result, Ms. Wynn waged a campaign for her re-election and her efforts were soundly rejected by the company's shareholders. Although Mr. Wynn voted his shares pursuant to their Stockholders Agreement, Elaine Wynn lost the election, with only 7% of the votes cast for her by her fellow shareholders.

Ms. Wynn's latest allegations regarding our Board, its composition and its independence are simply not true and are rehashed from her previous, unfounded statements made during her proxy campaign. Our company has nine distinguished directors, seven of whom are independent under NASDAQ standards.

Throughout her campaign, in which she directly communicated with shareholders via numerous personal letters, she never once raised the new allegations set forth in her recent complaint. Her allegations regarding the use of company assets are without merit. The use of company assets is governed by many internal policies and is closely supervised both by the Audit Committee, which is comprised solely of independent directors, and our external auditors. As outlined in recent proxy statements, Mr. Wynn reimburses the Company for his accommodations at the hotel, his personal use of corporate aircraft and all other company assets subject to company policy. These policies and any perquisites he receives have always been set forth in our proxy statements.

As a leader in a highly regulated industry, Wynn Resorts prides itself on its transparency and full disclosure to regulators and shareholders. Allegations made by Ms. Wynn that the company would hide any relevant activities from our regulators are patently false.

By any measure, Wynn Resorts has ascended to a position of unrivaled stature and it is a symbol of unquestioned excellence and quality the world over. None of what Wynn Resorts has accomplished would be possible without its extraordinary employees and the sense of family and community that Mr. Wynn has created. Ms. Wynn's actions today run counter to the culture of everything Mr. Wynn has worked so hard to create.

Tagged: steve wynn    elaine wynn   wynn resorts   family feud   


Comments & Discussion:

Oooooooooo, knife fight!

"the sense of family and community that Mr. Wynn has created."

This comments box needs to support animated GIFs so I can post some Buzzfeed-like "reaction faces" images of people's eyes bulging and wrinkling up their mouths.

How long can this lawsuit drag out in court?

Is there any basis for a compromise that would be acceptable to both parties?

How will this lawsuit, Steve's golf course development and retail expansion plans affect Alon's future? It seems like Steve's objective is to scuttle Alon's current development plans.

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