Steve Wynn Surrenders Control Over Ex-Wife Elaine's Shares

• February 09 2018
• Christopher Palmeri

Steve Wynn, the billionaire who resigned as chief executive of the casino company he founded following accusations of sexual harassment, agreed to give his ex-wife voting control over her shares.

Steve Wynn, the billionaire who resigned as chief executive of the casino company he founded following accusations of sexual harassment, agreed to give his ex-wife voting control over her shares.

The decision, announced by the company Friday, ends a six-year legal battle between Steve and Elaine Wynn. She had sued to gain control of her 9.4 percent stake in Wynn Resorts Ltd., including the right to sell stock, privileges that she had previously signed over to her ex-husband.

Wynn Resorts said in a regulatory filing Friday that Steve Wynn has no immediate plans to sell his roughly 11.8 percent stake, according to data compiled by Bloomberg.

Elaine Wynn had said she wanted to focus on philanthropy.