Now that Steve Wynn and his ex-wife Elaine Wynn have settled their fight over a stock fortune worth over $4 billion, the question is: will the one-time King of Las Vegas sell his stakes?
In a Thursday filing, Wynn Resorts reported that the District Court in Clark County, Nevada, ordered the termination of the shareholding agreement between Wynn and the former Mrs. Wynn following a joint submission from the lawyers of both parties.
Under the court order, the 2010 revised shareholders agreement between the pair “is now invalid and unenforceable as a matter of law and that neither party shall have any further rights or obligations thereunder.”
All’s well that ends well?
The court order frees the Wynns to sell their shares in Wynn Resorts. Steve Wynn owns nearly 12% of the casino company, followed by his ex-wife who holds 9.4% stake. However, an agreement with Wynn Resorts stipulated that the former Wynn CEO is barred from selling more than one-third of his company shares. Elaine, for her part, previously stated that she wishes to sell her shares.
The couple had been engaged in a long drawn, bitter legal fight since 2010. Elaine was ousted from Wynn’s board of directors in 2015 after Steve accused her of breaching their 2010 agreement by transferring $10 million of her Wynn shares to a charitable foundation under her control without first gaining ex-husband’s permission. Elaine, however, claimed her ouster breached that same 2010 agreement, making it null and void.
Steve Wynn ended the legal battle in early February, when he announced that he “no longer contests [his ex-wife Elaine] Wynn’s judicial admission that the 2010 Stockholders Agreement is invalid and unenforceable.”
Around the same time, the embattled casino titan also stepped down from the company he founded, following allegations of decades’ worth of sexual harassment by Steve against female members of Wynn Resorts’ staff.
Last week, another woman who claimed to be Wynn’s manicurist accused the beleaguered casino king of sexually harassing her. The manicurist joined the growing list of women, including two massage therapists employed at the Wynn Resorts, who have filed lawsuits against the casino mogul and the company.