LAS VEGAS, March 28, 2016 /PRNewswire/ -- Steve Wynn,
Chairman and CEO of Wynn Resorts (NASDAQ: WYNN) today through a
spokesperson issued the following statement in response to the
amended counterclaim filed by Elaine
Wynn in reference to the shareholder agreement between Ms.
and Mr. Wynn:
"This lawsuit is filled with lies and distortions and is an
embarrassment to Ms. Wynn and her counsel. This is simply an
attempt to inflict personal pain on Mr. Wynn. Ms. Wynn is a
disappointed ex-wife who is seeking to tarnish the reputation of
Wynn Resorts and Steve Wynn and
their daughters.
"The shareholder agreement in question between Ms. Wynn and Mr.
Wynn is the same agreement that Ms. Wynn endorsed at its inception
and reaffirmed in their divorce. Ms. Wynn is using this
baseless lawsuit as a platform to disavow an agreement she was
extremely well-advised on by sophisticated counsel at the time of
signing.
"Ms. Wynn was a member of the Board of Directors of Wynn Resorts
until last year. She never raised these issues, some of which
are over a decade old, with her fellow directors during her 13
years of service. More to the point, she has been aware of
the settlement Mr. Wynn made with the Wynn employee in question
using his personal funds since 2009. Never once did she raise
the issue during the dozens of board meetings she attended over six
years, or over the course of the proxy fight she ran last year in
an attempt to regain her board seat.
"What particularly saddens Mr. Wynn among the many falsehoods is
the assertion that Mr. Wynn's estate planning does not provide for
his daughters and grandchildren. This is untrue in every
sense of the word and is a shocking allegation for a mother to make
concerning family.
"While none of these allegations have any relevance to the
shareholder agreement in question, the common thread throughout the
complaint is her concerted effort to malign and vilify every
individual Ms. Wynn perceives to have slighted her.
"Mr. Wynn has used every possible personal resource he has to
try and address Ms. Wynn's requests, including offering to buy all
or part of her stock. She is now asking to compromise the
corporate stability and financial health of Wynn Resorts, which he
cannot and will not support. This is an action unbecoming of
a long-time director, significant shareholder and mother."
Contact:
Joele Frank,
Dan Katcher, Kelly Sullivan
Joele Frank, Wilkinson Brimmer
Katcher
212-355-4449
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/steve-wynn-refutes-elaine-wynns-recent-filing-300242059.html
SOURCE Steve Wynn