Scientific Game

Wynn Resorts director Hagenbuch one of two to step down amid Elaine Wynn campaign

Tuesday, 15 May 2018 06:17
Share
Visit us

 

  • • John Hagenbuch stands down from Wynn Resorts board
  • • Robert J Miller quickly does the same
  • • More than 50% of Wynn Resorts board replaced since February
  • • Follows campaign by Elaine Wynn against Hagenbuch and the board

 

Wynn Resorts director John “Jay” Hagenbuch has announced that he won’t stand for re-election on the Wynn Resorts board at this week’s annual general meeting in the wake of a campaign against him by the company’s largest shareholder Elaine Wynn.

In an SEC filing early Monday Macau time, Hagenbuch said that he didn’t want his presence to distract from the future progress of the Wynn Resorts board, stating, “Over the past three months, the board has done a remarkable job maintaining stability at Wynn and managing through a tumultuous time that could easily have caused much deeper disruption to the company’s business.

“There is still more work to be done and I do not want my candidacy to detract from the important progress we have made throughout the organization, including the ongoing refreshment process this board has initiated. Wynn Resorts is a strong company, poised for long-term growth and superior shareholder value creation, and I am proud to have served on its board.”

The 64-year-old will be followed out the door by another director, Robert J Miller, who quickly tendered his resignation in the wake of Hagenbuch’s announcement. Their departure means that more than half of the boards has now stepped down in the wake of the sexual misconduct allegations leveled against founder Steve Wynn in February.

In his own statement, Miller said, “The time has come to leave the past behind and allow Wynn Resorts to embrace a wonderful future. I am thrilled with the recent additions of Betsy Atkins, Dee Dee Myers and Wendy Webb to the board and I believe a new standard of excellence in corporate leadership has been established.

“My departure will afford the board the opportunity to continue to bring on new, independent voices and fresh perspectives. I have been proud to be part of one of the world’s finest resort companies and have the utmost confidence in our board and management team’s ability to successfully remake Wynn for the future.”

Elaine Wynn launched her campaign against Hagenbuch last month via a lengthy letter to shareholders in which she questioned the board’s response to a previous letter she had penned calling for Wynn Resorts to reopen the window during which shareholders can nominate directors and to take steps to allow for a majority of the board to be comprised of new independent qualified directors.

She also questioned the speed of the board’s reply to various requests for information and accused it of seeking to impede her “Withhold the vote” campaign against Hagenbuch.

 

 

What's new

VIDEO: Week in Review

VIDEO: Week in Review Inside Asian Gaming takes a look back at the biggest stories of the past week. Friday, 25 May 2018 06:54

Macau May GGR in line for high-teen growth

Macau May GGR in line for high-teen growth Macau is on track to report a year-on-year GGR increase of between 17% and 19% in May, say analysts, after rebounding strongly from the Labor Day holiday weekend. According to JP Morgan’s DS Kim, mass market is leading the way with growth of more than 20% year-on-year while VIP GGR is tracking in... Friday, 25 May 2018 06:36

PAGCOR says officials safe after Duterte gambling comments

PAGCOR says officials safe after Duterte gambling comments Philippines gaming regulator PAGCOR says that its leaders are safe following reports this week that a number of high-ranking gaming officials were set to be fired by President Rodrigo Duterte. PAGCOR was quick to absolve itself of any link to comments made by Duterte after he asked two ranking offi... Friday, 25 May 2018 05:43

Genting Berhad sees 10% growth in 1Q18 on Malaysia, Singapore IRs

Genting Berhad sees 10% growth in 1Q18 on Malaysia, Singapore IRs Genting Berhad saw its revenue grow 10% to RM5.3 billion for the three months to 31 March 2018, boosted by its leisure and hospitality segment and in particular strong results at its flagship integrated resorts in Malaysia and Singapore. Malaysia’s Resorts World Genting (RWG) enjoyed the biggest ... Friday, 25 May 2018 04:59

Current Issue

Macau and Japan: Licensing looms large

Macau and Japan: Licensing looms large The next few years are set to be the most crucial period ever in the Asian gaming industry – one which will lay the ground rules for decades to come in the world’s largest gaming market and what’s set to become the world’s second largest. By Ben Blaschke and Andrew W Scott Macau and Japan ... Monday, 30 April 2018 12:39

Pachinko: Japan's Unlucky Loser

Pachinko: Japan's Unlucky Loser Japan’s preparations for integrated resorts are hitting pachinko harder than the actual casinos ever will. By Muhammad Cohen Japan won’t open its first integrated resort for years, if ever, but the IRs already have their first loser, the country’s unique and ubiquitous pachinko business. Pac... Monday, 30 April 2018 12:33

Responsible Gaming in Japan: Bill to be key to Japan’s Gaming Market

Responsible Gaming in Japan: Bill to be key to Japan’s Gaming Market Global Market Advisors’ Brendan D Bussman runs through the pros and cons of Japan’s problem gambling legislation. By Brendan D Bussmann As Japan continues to look at the development of integrated resorts (IR), many people engaged and following the market are focused on the IR Implementation Bi... Monday, 30 April 2018 12:28

Safety First

Safety First The International Association of Gaming Advisors (IAGA) will hold its 37th annual International Gaming Summit during G2E Asia from 14 to 16 May at Four Seasons Macao. Among the many insightful seminars and events that will comprise IAGA’s summit is a responsible gaming workshop to be held on Wedne... Monday, 30 April 2018 12:12