Warring Wynns Pull Company’s Directors Into Dispute
May 2, 2016

The document is heavily redacted, but the message is clear. Elaine Wynn is trying to raise the stakes in her battle with ex-husband Steve Wynn over control of her share of Wynn Resorts Ltd.

Attorneys for Elaine Wynn late Monday filed a redacted version of her motion for approval to file a fifth amended counterclaim and crossclaim in her attempt to pry loose her 9.2-percent ownership interest in the casino company. The document was originally filed under seal March 10 and is part of a larger protracted legal dispute between Steve Wynn and former partner Kazuo Okada. In her lawsuit and media campaign, Elaine Wynn, who is president of the state Board of Education, accuses company co-founder, Chairman and CEO Steve Wynn, of “using a public company to fund his lavish lifestyle and personal politics” and displaying “reckless, risk-taking behavior” that jeopardizes the corporation and exposes it to legal challenges.

Although much of the discovery in the case has been delayed and remains incomplete, the document states “the few depositions that have been taken in recent weeks — consisting mostly of Wynn Resort Directors — revealed new facts that were not previously disclosed to Ms. Wynn.” Among those directors deposed: former Nevada Gov. Bob Miller, longtime company insider D. Boone Wayson, Alvin Shoemaker and Ray Irani.

The latest filing increases the volume on her claim by citing redacted deposition testimony given under oath by Wynn Resorts corporate directors. The amended complaint alleges Steve Wynn and Wynn Resorts general counsel Kim Sinatra intentionally failed to disclose pertinent information to the board of directors. As a result, those directors “failed to apply appropriate governance standards.”

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