In a filing to the United States Securities and Exchange Commission, embattled casino supremo Steve Wynn has brought a lengthy legal battle with his ex-wife to an end.
Beginning in 2012, Elaine Wynn’s court battles relate to an agreement between the pair and company co-founder Kazuo Okada in 2010, which Ms Wynn claims was rendered invalid following Okada’s ousting.
Following reports of sexual harassment forced Mr Wynn to step down as the CEO of Wynn Resorts, he is set to see his stake shrink to 11.8%.
Providing judicial approval is granted, Ms Wynn will be free to do as she wishes with her 9.4%, which was forbidden under the aforementioned agreement.
It was also detailed that Mr Wynn “has no immediate plans to sell shares that he owns and that if he elects to sell any such shares over time, he will seek to conduct such sales in an orderly fashion.”
In its letter to the exchange, Wynn Resorts detailed: “In light of the significant changed circumstances triggered by Mr. Wynn’s resignation, this letter hereby constitutes formal notice that Mr. Wynn no longer contests Ms. Wynn’s judicial admission that the 2010 stockholders agreement is invalid and unenforceable.
“Accordingly, while Mr. Wynn does not agree with Ms. Wynn’s bases for claiming the 2010 Stockholders Agreement is now invalid and unenforceable, he does agree that it no longer binds either party.
“As such, it is Mr. Wynn’s position that there is no longer a live controversy between the parties on this issue”
Adding: “Mr. Wynn plans to advise the Court of this development so that it may consider the same and streamline its preparation in advance of next week’s summary judgement hearings.”