A LOSS FOR A WYNN
Elaine’s pick nixed
Elaine Wynn has reignited her battle against Wynn Resorts after the board of the casino operator nixed a candidate she supported to be chair or vice chair.
Elaine Wynn supported former Harrah’s Chief Executive Phil Satre, sources confirmed.
There is a belief that new board member Betsy Atkins wants to be chair, and that she helped to block Satre’s nomination, a source close to the situation told The Post.
Elaine Wynn is the biggest shareholder at Wynn Resorts, holding 8.8 percent of the gaming company’s stock, worth about $1.5 billion.
She had agreed to support the board for at least the next two years if it allowed her candidate to be chair, according to a regulatory filing Monday.
In the filing, Wynn called for the entire board to stand for re-election at the company’s annual meeting in 2019.
There is a split on the Wynn Resorts board between those close to Elaine and those close to the existing team, sources said.
“The future direction of the company is far from certain,” Jefferies managing director and gaming expert David Katz told The Post.
“The problem is not only that the board is not united, but getting their investigations resolved requires a united board,” he said, referring to the Massachusetts Gaming Commission investigation into whether Wynn Resorts should keep its state gaming license.
Massachusetts is examining allegations of sexual harassment against Elaine’s former husband Steve Wynn and of a possible cover-up.
Wynn Resorts is planning on opening its Encore Boston Harbor casino next year.
Last week, Wynn Resorts’ longtime General Counsel Kim Sinatra stepped down.
“I find it believable that Massachusetts had some influence in Sinatra’s decision to resign,” Katz said.
Atkins joined the Wynn board in April. She resigned as the lead director at HD Supply when taking the position, and likely would not have done so had she not believed she would become a lead Wynn director, the source said.
“The board of directors is actively continuing its work to refresh the board, including reviewing candidates submitted by Elaine Wynn,” reps from Wynn told The Post, adding that the company plans to add new members by the end of the summer.