Elaine Wynn sounds as if she is a presidential candidate on the campaign trail when it comes to holding on to her board seat at Wynn Resorts, despite calls not to renew her contract.
“I am the DNA of Wynn Resorts, ” she declared, according to the New York Times, “Anybody that has a scintilla of knowledge about my history and my working relationship knows the vital role that I play.” The fabled amicable divorce between Wynn Resort’s founder Steve Wynn and his wife Elaine–and not the first divorce, because the couple remarried in 1991–was what Steve Wynn called the most expensive (implying generous) split-up in American history, with his giving her half of his share of the company.
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Both own 19% of Wynn Resorts, whose stock has doubled since their divorce in 2010, with a value of $1.3 billion. However, there is concern that Elaine will take gains in her stake if she wins a lawsuit against her ex-husband concerning lifting a restriction against selling shares.
Elaine Wynn reassures shareholders that, if she wins the case, she will hammer out a deal with Steve Wynn to ensure that combined, they will still be the largest shareholders. Elaine Wynn touts her attributes as a board member, that she is the only one who can stand up to Steve Wynn, that she is the only female member of the board, and the company needs an experienced woman’s insight.
Concerning the men on the board, Elaine said, according to the Wall Street Journal, “These guys don’t know a Manolo Blahnik from a flip flop … (men are) happy to go come to Macau or Las Vegas, but the women say, ‘Let’s stay at the Wynn.” Those who do not wish to renew her contract say that they will consider strongly female applicants in looking for a replacement, but Elaine Wynn will not be so easy to get rid of.
