As Wynn Resorts remains under a regulatory cloud and struggles to get back on track, another challenge has emerged: a bitter proxy contest from its largest shareholder and a “campaign for change.”
12 percent stake in the company in March for $2.1 billion. He has denied the sexual misconduct allegations, which were first reported in January by The Wall Street Journal.
Elaine Wynn’s campaign is part of a broader plan, which she’s titled “Restore Wynn,” to force change on the company she co-founded and served as a director until April 2015. She believes the company long controlled by her ex-husband “needs and deserves a new board that is truly independent and wholeheartedly committed to the company’s long-term success.”
“Elaine’s campaign goes way, way back and the sexual harassment allegation probably gives her another platform to maybe get some of her previous grievances out,” said Tuna Amobi, an analyst at CFRA Research.
Still, Elaine Wynn has insisted she’s not seeking a seat on the board for herself or anyone that will represent her.
Steve Marcus | Reuters
Elaine Wynn, ex-wife of casino mogul Steve Wynn.