Judge Dismisses Steve Wynn Motion to End Shareholder Agreement
Las Vegas Review Journal, March 2, 2018
By Todd Prince
A Nevada court judge denied Steve Wynn’s motion Friday to terminate an eight-year-old shareholder agreement with his ex-wife Elaine that would have allowed both of them to sell their shares in Wynn Resorts.
The judge’s rejection could raise complications for Wynn and Wynn Resorts if gaming regulators in the meantime find the casino developer guilty of sexual harassment and deem him “unsuitable” for a license.
Massachusetts and Nevada gaming regulators are investigating the sexual harassment accusations. Wynn denies the claims. Wynn Resorts owns two casinos in Nevada and Macau and is scheduled to open one in Massachusetts next year.
The businessman could be forced by Massachusetts regulators to cut his stake below 5 percent. Wynn owns 11.8 percent, or $2 billion, of Wynn Resorts stock. Massachusetts gaming regulators declined to comment.
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