Steve Wynn Is About to Lose Even More After Giving Up on a Legal Battle With His Ex-Wife
Steve Wynn is not having a good time.
Sexual harassment allegations that have come out in the past few weeks have led him to step down from a number of public positions. Last month, he was forced to resign from his position as Republican National Committee finance chair; last week, he was forced to resign from the company he founded, Wynn Resorts; and this week, he’s been forced to concede a six-year legal dispute to his ex-wife, Elaine Wynn.
The legal dispute revolved around the former Elaine’s 9.4% stake in Wynn Resorts. A 2010 agreement between the Wynns and Wynn Resorts co-founder Kazuo Okada gave Steve control over the shares owned by all three parties as they attempted to stave off takeover bids. Elaine contested in court that the agreement was made invalid by Okada’s 2012 ouster. On Monday, Steve wrote through his lawyers that he would no longer contest Elaine’s claim as his resignation had changed the circumstances, though he maintained that her bases for claiming the agreement was invalid were without merit.
Summary judgement hearings in the case were scheduled to begin next week. Steve’s control over Wynn Resorts (WYNN) will fall to 11.8% if the court approves Elaine’s right to the shares.
Steve Wynn continues to deny the sexual assault allegations brought against him.