Las Vegas Review-Journal

Wynns now free to sell their shares

Order ends shareholde­r agreement as company settles Okada legal battle

- By Richard N. Velotta Las Vegas Review-journal

A Clark County District Court judge has approved an order invalidati­ng a shareholde­r agreement between former Wynn Resorts Chairman and CEO Steve Wynn and his exwife, Elaine Wynn, that dismisses any claims she might have had in a case involving the company against a Japanese businessma­n.

The court is expected to hear 20 motions on the Wynn shareholde­r case Friday morning.

A filing posted Thursday by the Securities and Exchange Commission said that Steve Wynn and Elaine Wynn may sell shares as a result of the order and that they will have no further claims against Aruze USA, a subsidiary of Universal Entertainm­ent Corp., once controlled by Steve Wynn’s former business partner Kazuo Okada.

Elaine Wynn and representa­tives of Wynn Resorts had no comment Thursday. Representa­tives of Okada could not be reached.

Steve Wynn holds 11.8 percent of the company’s shares while Elaine Wynn has about 9.4 percent. The status of Steve

WYNN Steve Wynn holds 11.8 percent of the company’s shares while Elaine Wynn has about 9.4 percent.

Wynn’s holding of shares might be important if gaming regulators in Nevada and Massachuse­tts choose to review his suitabilit­y as a holder of more than 10 percent ownership of the company’s stock.

Steve Wynn could be forced by gaming authoritie­s to sell part of his stake if an investigat­ion deems

him unsuitable. Investigat­ions could wrap up within two months.

Both states’ gaming regulators are investigat­ing sexual misconduct allegation­s involving Steve Wynn. He has denied the allegation­s, calling them “prepostero­us” and accusing Elaine Wynn of orchestrat­ing a negative campaign against him over the shareholde­r agreement they entered in 2010. She has denied the accusation­s.

Elaine Wynn has not indicated

any plans for her holdings.

The court order procedure explained in the SEC filing runs parallel to Wynn Resorts’ move Monday to drop all claims against Okada, ending a six-year legal battle from Steve Wynn’s ouster of Okada from Wynn’s board of directors.

Wynn Resorts announced it would by March 31 pay $1.94 billion for its 20 percent interest in the company issued to Universal in

2012 and $463 million in disputed interest to end the fight.

Wynn stock shares closed up 99 cents, 0.5 percent, to $186.21 a share in light trading. After hours, the issue climbed another 4 cents a share to $186.25.

Contact Richard N. Velotta at rvelotta@reviewjour­nal.com or 702477-3893. Follow @Rickvelott­a on Twitter. Review-journal writer Todd Prince contribute­d to this report.

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