29 Mar

Vegas Casino Mogul’s rocky relationship lands Steve Wynn in Court again

Vegas marriages don’t have the best track record for success. I’m not talking about couples who meet, greet and wed while touring the City of Sin, but the exacerbated on-again/off-again relationship of Wynn Resorts Ltd Chairman and CEO Steve Wynn and his twice ex-wife, Elaine Wynn.

Elaine’s relationship with the Las Vegas casino tycoon has been rocky, to say the least. After an idyllic marriage in 1963 – four years prior to moving to Vegas where he laid the foundation for his fortune – the blissful days soon began to fade, leading to an acrimonious divorce in 1986.

Five years later, the two had reconciled their differences and all was harmonious in the world of Steve and Elaine. They gave it another go, remarrying in 1991.

In 2002, Wynn promoted the missus to his company’s Board of Directors. She played an active role in the development of Wynn Resorts henceforth, gaining 10% of the company stock along the way. But again, the love between them would fade. The couple divorced a second time in 2010, followed a year later by Steve’s marriage to his current wife, Andrea Hissom.

Steve Wynn, photo Forbes

Elaine Wynn, photo Forbes</center<

Elaine may have lost her husband (or perhaps ‘discarded’ would be a better term), but her interest in Wynn Resorts never faltered. She continued her active duties as a board member for the next few years before – as she describes it – Steve purposefully orchestrated her dismissal in 2015.

Now, according to records filed in the Clark County Court of Nevada, Elaine is suing the Las Vegas casino magnate for control of her 10% shares in Wynn Resorts Ltd. She claims that her ex-husband breached the terms of their 2010 stockholder agreement when he engineered her ejection from the board, allegedly as payback for her exposing allegations that he withheld information from board members.

She is seeking rightful negation of their original contract that would give her full control over her shares in the company, which amount to 9.4% ownership, and are valued at near $900 million. 73 year old Elaine alleges that Steve is using the agreement to exert “full and perpetual control” over her life, and that she needs to regain that control to plan her estate and legacy for their two daughters, Kevyn and Gillian.

74 year old Steve Wynn controls 11.8% of Wynn Resorts, worth over $1.1 billion.

A spokesman for Steve Wynn degraded the Vegas casino tycoon’s former love, calling her “a disappointed ex-wife who is seeking to tarnish the reputation of Wynn Resorts and Steve Wynn and their daughters.” The spokesman went on to say her lawsuit was “filled with lies and distortions.”

In another statement released by Wynn Resorts, Elaine’s allegations were labeled “falsehoods and distortions”. The company stated that her contentions against the board for misuse of assets had no merit.

Elaine Wynn is also seeking compensatory and punitive damages for her ex-husband’s role in failing to support her reelection to the board last year.

According to Forbes magazine, Steve Wynn is #722 among the world’s wealthiest people, with a net worth of $2.7 billion. Forbes lists Elaine Wynn at #1367, worth $1.54 billion.