Embattled casino titan Steve Wynn has given up his multi-year fight for control of his ex-wife’s Wynn Resorts stock, just days after he resigned from the company he founded under a cloud of controversy.
On Friday, Wynn Resorts filed a letter with the Securities and Exchange Commission in which Steve’s attorneys announced that “in light of the significant changed circumstances triggered by Mr. Wynn’s resignation … Mr. Wynn no longer contests [his ex-wife Elaine] Wynn’s judicial admission that the 2010 Stockholders Agreement is invalid and unenforceable.”
Steve and Elaine have been locked in a multi-year legal fight over her right to do what she wants with her 9.4% stake in Wynn Resorts. Steve had claimed that Elaine had breached the terms of their 2010 divorce settlement, which effectively gave him control over her shares (and the combined voting power with his own nearly 12% stake in the company).
Wynn Resorts also announced that Steve has “no immediate plans” to sell any of his shares in the company and has promised that, should he choose to sell, “he will seek to conduct such sales in an orderly fashion.”