LAS VEGAS, May 14, 2018 /PRNewswire/ -- Wynn Resorts,
Limited (NASDAQ: WYNN) ("Wynn") today announced that Director
John J. Hagenbuch has decided not to
stand for re-election to the Board of Directors at the Annual
Meeting of Shareholders on May 16,
2018. Director Robert J.
Miller has also tendered his resignation from the Board.
These departures, along with the previously announced departures of
directors Steve Wynn, Ray Irani, and Ted
Virtue, and the upcoming departure of director Alvin Shoemaker in 2019, represent 60% of the
Board that was serving at the beginning of the year and will reduce
the median tenure of directors to less than three years. In
April 2018, the Board elected three
new female directors, resulting in a current representation of
female Board members of almost 50%.
"We respect Jay's decision to withdraw his candidacy for
re-election to the Board, and we are immensely grateful for his
many contributions to the Company over the course of his 5½ years
of service," said D. Boone Wayson, Non-Executive Chairman of Wynn's
Board of Directors. "Jay has helped drive change and long-term
value creation at Wynn, and his decision to remove himself from the
Company's ballot to end the distraction of the withhold campaign is
a reflection of his loyalty to Wynn Resorts and his commitment to
the success of this Company."
Pat Mulroy, Chair of the Board's
Special Committee and member of the Nominating and Corporate
Governance Committee, said, "I commend Jay and Bob for their strong
stewardship on the Board and for always putting the best interests
of the Company and its shareholders first. Jay was a superb
Chairman of the Audit Committee and an invaluable member of the
Special Committee – his wisdom, thoughtfulness and commitment to an
objective process will be sorely missed. Bob, as the longest
serving director of this Company, added incredible value to our
process and work. I am grateful to have had the honor of
working with them."
Hagenbuch said, "Over the past three months, the Board has done
a remarkable job maintaining stability at Wynn and managing through
a tumultuous time that could easily have caused much deeper
disruption to the Company's business. There is still more
work to be done, and I do not want my candidacy to detract from the
important progress we have made throughout the organization,
including the ongoing refreshment process this Board has
initiated. Wynn Resorts is a strong company, poised for
long-term growth and superior shareholder value creation, and I am
proud to have served on its Board."
Wayson continued, "Bob Miller has
been a strong member of this Board for over a decade, and his
contributions have been invaluable. He has served as the
Chair of both our Nominating and Compliance Committees and as Lead
Director, dedicating enormous time and energy to advance the
interests of shareholders throughout his tenure. His
resignation at this time further underscores his full support of
the process we have initiated to continue to move Wynn forward and
we are indebted to him for his service."
Miller said, "The time has come to leave the past behind and
allow Wynn Resorts to embrace a wonderful future. I am
thrilled with the recent additions of Betsy
Atkins, Dee Dee Myers and
Wendy Webb to the Board, and I
believe a new standard of excellence in corporate leadership has
been established. My departure will afford the Board the
opportunity to continue to bring on new, independent voices and
fresh perspectives. I have been proud to be part of one of
the world's finest resort companies and have the utmost confidence
in our Board and management team's ability to successfully remake
Wynn for the future."
ABOUT WYNN RESORTS
Wynn Resorts, Limited is traded on
the Nasdaq Global Select Market under the ticker symbol WYNN and is
part of the S&P 500 Index. Wynn Resorts owns and operates Wynn
Las Vegas (wynnlasvegas.com), Wynn Macau (wynnmacau.com) and Wynn
Palace, Cotai (wynnpalace.com).
Wynn and Encore Las Vegas feature two luxury hotel towers with a
total of 4,750 spacious hotel rooms, suites and villas,
approximately 192,000 square feet of casino space, 22 dining
experiences featuring signature chefs and 11 bars, two
award-winning spas, approximately 290,000 square feet of meeting
and convention space, approximately 110,000 square feet of retail
space as well as two showrooms; three nightclubs, a beach club and
recreation and leisure facilities. A luxury retail Strip-front
expansion, Wynn Plaza, is currently
under construction and is scheduled to debut the second half of
2018.
Wynn Macau is a luxury hotel and casino resort located in the
Macau Special Administrative Region of the People's Republic of China with two luxury
hotel towers with a total of 1,008 spacious rooms and suites,
approximately 273,000 square feet of casino space, casual and fine
dining in eight restaurants, approximately 31,000 square feet of
meeting and convention space, approximately 59,000 square feet of
retail space, and recreation and leisure facilities including two
opulent spas, a salon and a rotunda show.
Wynn Palace is a luxury integrated resort in Macau. Designed as a floral-themed
destination, it boasts 1,706 exquisite rooms, suites and villas,
approximately 420,000 square feet of casino space, 11 food and
beverage outlets, approximately 37,000 square feet of meeting and
convention space, approximately 106,000 square feet of designer
retail, SkyCabs that traverse an eight-acre Performance Lake, an
extensive collection of rare art, a lush spa, salon and recreation
and leisure facilities.
Wynn Resorts is currently constructing Encore Boston Harbor
located in Everett,
Massachusetts.
Additional Information and Where to Find It
The
Company has filed a definitive proxy statement, supplements to the
definitive proxy statement, and a form of associated WHITE proxy
card with the U.S. Securities and Exchange Commission ("SEC") in
connection with the solicitation of proxies for the Company's 2018
Annual Meeting of Shareholders. THE COMPANY'S SHAREHOLDERS ARE
STRONGLY ENCOURAGED TO READ THE DEFINITIVE PROXY STATEMENT FILED
WITH THE SEC ON APRIL 18, 2018, THE
PROXY SUPPLEMENT FILED WITH THE SEC ON APRIL
30, 2018, THE PROXY SUPPLEMENT FILED WITH THE SEC ON
MAY 14, 2018, THE ACCOMPANYING WHITE
PROXY CARD AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY IN
THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN
IMPORTANT INFORMATION. The Company's shareholders will be able to
obtain any proxy statement, any amendments or supplements to the
proxy statement and other documents filed by the Company with the
SEC free of charge at the SEC's website at
www.sec.gov. Copies will also be available free of
charge at the Company's website at wynnresorts.com.
Certain Information Regarding Participants
The
Company, its directors and certain of its executive officers are
participants in the solicitation of proxies from the Company's
shareholders in connection with the matters to be considered at the
Company's 2018 Annual Meeting of Shareholders. Information about
the Company's directors and executive officers is available in the
Company's definitive proxy statement filed with the SEC on
April 18, 2018, the proxy supplement
filed with the SEC on April 30, 2018
and the proxy supplement filed with the SEC on May 14, 2018, each with respect to the Company's
2018 Annual Meeting of Shareholders. To the extent holdings of the
Company's securities by such directors or executive officers have
changed since the amounts printed in the proxy statement, such
changes have been or will be reflected on Initial Statements of
Beneficial Ownership on Form 3 or Statements of Changes in
Beneficial Ownership on Form 4 filed with the SEC.
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SOURCE Wynn Resorts