It looks like the in-fighting among the top brass of Wynn Resorts could be coming to an end. As reported by CDC Gaming Reports yesterday, Phil Satre has been named as the company’s vice chairman and could become the casino giant’s chairman by the end of this year. The move is sure to appease Elaine Wynn, who has repeatedly called for an injection of “fresh blood” into the company’s board.
The current chairman of the board, D. Boone Wayson, will vacate the position, but will still be a board member. Satre, who is the former chairman and CEO at Harrah’s Entertainment and ex-CEO of Caesars Entertainment, resigned his current position as the chairman of International Game Technology, a manufacturer of gaming equipment, in favor of the new assignment with Wynn.
In a prepared statement by Wayson, the outgoing chairman said, “The addition of someone of Phil’s caliber and experience is a significant step forward for Wynn Resorts as we turn the page on the last six months. Our goal is to give the management team, led by CEO Matt Maddox, an opportunity to grow and develop this company to its greatest potential. Phil’s insight and guidance will be invaluable as we move forward.”
With Satre taking the helm, Elaine Wynn, the company’s largest shareholder, has agreed to end hostilities – at least for now. She has confirmed that she will enter a “standstill period” that will be in force until 2020, or until such time that Satre may resign from his new position. She further indicated that she will place a limit on her ownership stake to the current 9.9% level and will not seek to nominate anyone, or appoint additional members, to the board. She will also refrain from entering into a proxy fight and will not try to persuade senior management or other board members.