Category Archives: Wynn Resorts

The saga continues: Elaine Wynn sues Wynn Resorts


This really shouldn’t be a shocker to anyone. Ahead of Wynn Resorts’ annual general meeting, scheduled to be held this month, Elaine Wynn has decided to sue the company for not releasing its shareholder records.

The saga continues: Elaine Wynn sues Wynn ResortsWynn, who became the largest shareholder after her ex-husband, Steve Wynn, resigned from the company, filed the suit in Nevada. She is hoping to get the courts to obligate the company to release all shareholder material to which she is legally entitled. The suit also requests that the annual meeting be postponed until the lawsuit is settled.

According to Nevada law, Elaine Wynn is entitled to see the names, contact information and number of shares owned by each common stock owner of the company, provided the individual has authorized the release of the information. A representative for Wynn stated, “Providing the NOBO [non-objecting beneficial owner] list is standard practice under Delaware law and both federal and state courts have ruled that shareholders of a Nevada corporation are entitled to the list.”

The representative added, “Ms [sic] Wynn believes that the requested NOBO list is in the company’s possession and would not require the company to expend additional time or cost to produce. Moreover, she believes that the company is actively using this very list to communicate directly with Wynn Resorts’ shareholders—something Ms [sic] Wynn is unable to do, even though she is the company’s largest shareholder.”

Elaine Wynn recently started a campaign to have the current company’s director, John J Hagenbuch, removed at the end of his term this month. She sent a letter to all shareholders, requesting that they join her “Withhold the vote” campaign, in an effort to remove some of the “legacy directors from the board.

About Hagenbuch, Wynn stated in the letter, “He was on the compensation committee when Mr [sic] Wynn’s pay was called into question in 2015,” adding that, “The company did not hold a say-on-pay vote in 2015 or 2016 and at last year’s annual meeting, the say-on-pay proposal received only 59% support. This puts the company in the lowest 10% of Russell 3000 companies holding say-on-pay votes in 2017.”

There’s no love lost between Elaine Wynn and the current board of directors. The disdain on both sides of the table is evident; however, as a majority shareholder, she has a strong chance of being able to get her way. The ongoing saga continues, so stay tuned for next week’s exciting episode.

Comments



Source link

Wynn Resorts strips Wynn name from Boston Harbor project


wynn-resorts-encore-boston-harbor-casinoCasino operator Wynn Resorts is renaming its half-finished Massachusetts casino project to further distance itself from its former chairman’s sexual harassment allegations.

On Friday, Wynn CEO Steve Maddox met with members of the Massachusetts Gaming Commission (MGC) to discuss removing Wynn Resorts founder Steve Wynn’s name from the gaming license of the $2.4b Wynn Boston Harbor resort casino project in Everett, just north of Boston, which is scheduled to open in June 2019.

Wynn Resorts suggested in March that a rebrand of the property was likely. At Friday’s hearing, Maddox announced that the property would now be known as Encore Boston Harbor. Encore is the name of a resort property that opened in 2008 as the second phase of the Wynn Las Vegas resort.

Maddox told the MGC members that while “the Wynn brand is strong,’ he also understood “the cultural sensitivity” surrounding the numerous harassment allegations brought against Steve Wynn this year by female staff members.

Steve resigned in February and has sold off his entire holdings in the casino company. Maddox told the MGC that the company now had “no business association with Steve Wynn,” yet this separation, whether in terms of business and branding, may not be enough to ensure the company retains control over the Everett project.

The MGC hope to make a ruling on removing Steve’s name from the gaming license next week, but that’s a separate issue from the ongoing probe the MGC is conducting into how much Wynn’s senior management knew about the allegations against their former leader. Should the MGC not like what its probe uncovers, it could declare Wynn Resorts unsuitable to operate gaming in Massachusetts.

Should that worst-case scenario play out, it’s unknown who might take over the unfinished Everett project. On Thursday, rival MGM Resorts, which is opening its own Massachusetts casino this August, played down reports that it was planning on swapping projects, insisting it was committed to its own MGM Springfield project.

The Mohegan Tribe, whose casino properties include the Mohegan Sun in Connecticut and which unsuccessfully vied for the sole Boston-area casino license that Wynn received, told The Day that it remained interested in setting up shop in Boston, should that sole license go back on the market.

However, the MMCT Joint Venture between the Mohegans and the Mashantucket Pequot Tribal Nation that is building a casino in northern Connecticut close to MGM Springfield, shot down media reports that it would be interested in taking over the Springfield property should MGM take over the Everett project. An MMCT spokesperson called such reports “rumor mill trash.”

Comments



Source link

Craig Billings joins Wynn Resorts as new CFO


Casino operator Wynn Resorts has appointed industry veteran Craig S. Billings as the new chief financial officer.

Industry veteran Craig Billings joins Wynn Resorts as new CFOBillings will replace Stephen Cootey starting March 1, the Las Vegas operator said in a statement. Cootey, who held several Wynn financial positions since joining the company in 2014, resigned “to pursue other interests.”

Billings, who specializes in digital innovation, mergers and acquisitions and capital structure management, Billings has held leadership positions at Aristocrat Leisure Limited, including chief digital officer as well as managing director of strategy and business development, and at International Game Technology. He is also a director of Nyx Gaming Group. In 2012, Billings was the president of Zen Entertainment, which supplied Nevada online poker license applicant South Point Poker with its digital back end.

A certified public accountant, Billings was also an executive in the Investment Banking Division of Goldman Sachs, where he served numerous clients in the gaming industry, and he began his career in the audit practice of Deloitte & Touche. He received a Bachelors degree from the University of Nevada Las Vegas and a Masters of Business Administration from Columbia Business School.

“Mr. Billings is a highly respected veteran of both the gaming and banking industries, and brings extensive experience in business innovation to the company,” Wynn Resorts said in a statement.

Billings is the latest executive to join the Wynn Resorts’ management.

Over in Asia, Wynn’s Macau subsidiary—Wynn Macau—appointed  Ciaran Carruthers as the chief operating officer of the Wynn Macau property effective last January 9. Carruthers will be responsible for the day-to-day operations of our peninsula property and reports to Ian Michael Coughlan, president of Wynn Macau.

Carruthers previously served as senior vice president for property operations at Sands China. Prior to joining Sands China, Carruthers served as president and chief executive of Asia Pacific Gaming Consultancy and has also worked as a senior executive with Galaxy Entertainment Group Ltd.

Comments

comments



Source link