• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Monday 28 July 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
No Result
View All Result

The second defenestration of Steve Wynn?

Newsdesk by Newsdesk
Tue 26 Apr 2016 at 04:05
Print Friendly, PDF & Email

Steve Wynn’s control of Wynn Resorts is under threat because of new legal action taken by his ex-wife. In a filing in Nevada state court, Elaine Wynn is accusing him of “reckless, risk-taking behavior” that could harm the company and subject it to legal challenges. Ms Wynn owns 9.8% of the company, while Mr Wynn owns 11.8%. An agreement signed at the time of their 2010 divorce gives him voting control over her shares and stops her from selling them. Last year he won shareholder approval to have her kicked off the company board. If the court agrees with her allegations of corporate misgovernance and she gains the right to sell her shares, it could leave Steve as Wynn Resorts’ third largest shareholder behind two institutional investors, effectively ending his control.

The combined 21.6% Steve Wynn now effectively controls enables him to hold positions of both CEO and Chairman and to run the business as he sees fit. In addition to two casino resorts in Las Vegas and Wynn Macau, Wynn Resorts’ biggest ever project, the US$4.1 billion Wynn Palace in Cotai, is scheduled to open in June this year. A further project under planning in the US, the US$1.7 billion Wynn Boston Harbor, has made shareholders anxious given competition from proliferating gaming halls in America’s northeast.

The Wynns and Japanese pachinko king Kazuo Okada founded Wynn Resorts in 2000. Their combined ownership of 35.6% of voting shares in the company gave them unassailable control. But in 2012 after a falling out, Wynn Resorts forcibly bought out Okada’s 19.7% stake at about 30% less than the market price, in exchange for a commitment to pay him US$1.9 billion after ten years. If Wynn is ousted it will be a replay of 2000, when he was forced out of the company he founded in 1973, Mirage Resorts, following a hostile takeover by MGM.

RelatedPosts

Wynn Al Marjan Island releases first renderings of uber-luxury Enclave suite and apartment offering

Wynn Al Marjan Island releases first renderings of uber-luxury Enclave suite and apartment offering

Fri 4 Jul 2025 at 05:59
China’s Ambassador to the United States Xie Feng Meets with Wynn CEO Craig Billings

China’s Ambassador to the United States Xie Feng Meets with Wynn CEO Craig Billings

Thu 19 Jun 2025 at 19:54
Australia’s Crown sells London casino to Wynn Resorts

Wynn completes purchase of former Crown London casino, now called Wynn Mayfair

Fri 6 Jun 2025 at 06:56
Galaxy, Melco and Wynn to attend major media event “Thai Entertainment Complex Roundtable” alongside Thai voices opposing entertainment complex industry

Galaxy, Melco and Wynn to attend major media event “Thai Entertainment Complex Roundtable” alongside Thai voices opposing entertainment complex industry

Wed 28 May 2025 at 06:58
Load More
Tags: Elaine WynnKazuo OkadaSteve WynnWynn Resorts
Share1Share
Newsdesk

Newsdesk

Current Issue

Editorial – An inconvenient truth

Editorial – An inconvenient truth

by Ben Blaschke
Fri 27 Jun 2025 at 15:21

It’s understandable that political observers, academics and members of the public in greenfield jurisdictions would express caution around the legalization...

Light & Wonder’s Siobhan Lane

Light & Wonder’s Siobhan Lane

by Ben Blaschke
Fri 27 Jun 2025 at 15:19

Siobhan Lane, Light & Wonder’s highly experienced CEO of Gaming, speaks to Inside Asian Gaming about the company’s ongoing transformation...

Honesty is the best policy

Honesty is the best policy

by Ben Blaschke
Fri 27 Jun 2025 at 14:13

The Thailand Entertainment Complex Roundtable brought industry stakeholders, politicians and supporters of the government’s Entertainment Complex Bill face to face...

Sri Lanka’s casino industry

Sri Lanka’s casino industry

by Shaun McCamley
Fri 27 Jun 2025 at 13:36

Industry veteran Shaun McCamley delves into the complex history of Sri Lanka’s casino industry at a time when the country...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
NWR
Jumbo
568Win

Related Posts

Winds of change

Belle Corp’s share in City of Dreams Manila gaming revenue down 18% in 1H25

by Newsdesk
Sat 26 Jul 2025 at 08:39

Philippines real estate firm Belle Corp saw its share in gaming revenue from City of Dreams Manila fall by 18% year-on-year to Php772.3 million (US$13.5 million) in the first half of 2025, reflecting the challenges currently being faced by Manila’s...

DigiPlus to enter South Africa’s online sports betting market

DigiPlus to enter South Africa’s online sports betting market

by Newsdesk
Sat 26 Jul 2025 at 08:37

Philippines gaming technology firm DigiPlus Interactive Corp has announced plans to further expand internationally by entering the South African online sports betting market. The company said in a Friday statement that it would file license applications with the Western Cape...

Uncertain future for POGO industry suppliers as PAGCOR says operations in “status quo” for now

Maybank: Threat of total ban on Philippines online gaming is real, more clarity from President Marcos likely Monday

by Ben Blaschke
Fri 25 Jul 2025 at 12:34

Malaysian investment bank Maybank has warned that the threat of a total ban on the Philippines’ domestic online gaming, or eGames, sector is real given that political noise is similar to before recent bans on eSabong and POGOs. While Maybank...

MGTO says no apparent impact on visitor numbers from limitation on provision of free snacks in Macau casinos

Macau visitor arrivals rise 13.3% year-on-year to 2,891,003 in June

by Pierce Chan
Fri 25 Jul 2025 at 05:45

According to data from Macau’s Statistics and Census Service (DSEC), a total of 2,891,003 visitors arrived in Macau in June, representing a year-on-year increase of 13.3%. Mainland China remained the primary source of visitors to Macau in June, with 1,995,627...

Your browser does not support the video tag.


IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • English