The largest shareholder in the structure of Wynn Resorts at the moment Elaine Wynn has reached another settlement with the Board of Directors of the casino developer which would see former Chief Executive Officer of Harrah’s Entertainment, Phil Satre become the new Vice Chairman. This new introduction to the team of leading figures of the casino operator is aiming to introduce a breath of fresh air to its future operation of Wynn Resorts.
As part of the ongoing project led by Ms. Wynn which goes by the name of “Restore Wynn”, she is aiming to completely change the current state of the Board of Directors and introduce new names. The reason behind this stems from the fact that these people have been closely linked to former CEO Steve Wynn and potentially in the know for the sexual misconducts taking place at the time. According to her previously stated position, this calls for new leading figures, starting with Mr. Satre.
According to the announcement which came this Monday, he is going to enter the structure of the company at the position of Vice Chairman which would be later upgraded to Chairman. This is going to happen following the expected retirement of Daniel Boone Wayson, who occupies the role at the moment. With the help of his extensive experience at a similar leading role, Mr. Satre is projected to boost forward the development of the casino operator in the long run.
He has spent more than 25 years in the structure of Harrah’s, whereas he is currently occupying the role of Chairman of the Board of Directors of IGT. The announced resignation is going to come into effect immediately prior to his appointment at Wynn Resorts. Mr. Wayson stated that this is an attempt to put an end to the long-winded turmoil in relation to the brand and clear the air.
Elaine Wynn Enters Settlement for Set Period of Time
In the meantime, a crucial arrangement has been accomplished between the casino developer and Ms. Wynn, which is expected to bring a period of fewer conflict situations and tension. According to it, the largest shareholder would refrain from making new director proposals and insisting on the changes taking place until 2020. She would also have to maintain her stake in the company at its current state in order to meet the conditions of the settlement. The third condition was for her to stay away from groups striving to achieve a takeover.
As compensation for this arrangement, she is going to receive some $5 million covering her battle up to this point with the casino operator. The legal fight has been in progress ever since 2015. Following the turbulent period of the beginning of this year, which saw the company go through quite the rough patch, better days are to come. Former Chief Executive Officer of the casino developer and operator Steve Wynn was accused of alleged sexual misconducts at the workplace involving workers.
Immediately after the information surfaced there was a wave of investigations into the business of Mr. Wynn took the field by a storm. This is what caused him to file his resignation and step down from his leading role in the company he founded. Ms. Wynn then became the largest shareholder at the company with her stake of 8.8 percent of the entire stock, which granted her the permission to propose changes to the structure and see them come to fruition.
Now it has been confirmed that the internal committee of Wynn Resorts has finished investigation process into the case, but information will be issued for the general public only once the gambling authorities of Nevada and Massachusetts have led their investigations to an end.