Elaine Wynn has lost her bid to regain her seat on casino operator Wynn Resorts board of directors.
Wynn Resorts held its annual meeting of stockholders in Las Vegas on Friday, where the makeup of the board of directors was put to a vote. The board’s director nominees John Hangenbuch and Edward Virtue were re-elected while Elaine failed to garner the necessary support.
The 72-year-old Elaine was unceremoniously turfed from Wynn’s board in March. Undaunted, Elaine nominated herself for re-election based on her contention that she had helped build the company into a global player. Elaine also claimed the Wynn board lacked diversity and that she was the only member who could talk plainly to chairman/CEO Steve Wynn, to whom she was twice married and divorced.
Wynn Resorts countered Elaine’s claims by accusing her of passing $10m of her Wynn shares – she holds a 9.4% stake in the company – to her charitable foundation to sell during a blackout period. The board also diminished her contributions to Wynn’s growth, saying her efforts were “more appropriately matters to be handled by the company’s highly trained and professional staff.”
