Elaine Wynn Files Complaint In Court To Gain Control Of Her Wynn Resorts Stock

(RTTNews) - Elaine Wynn, a co-founder of Wynn Resorts (WYNN), the company's third largest shareholder and a former member of the Board, said that she filed a complaint in Nevada State Court to gain control of her Wynn Resorts stock so that she can make decisions about her investment like any stockholder.

Ms. Wynn is being denied her right to control her own stock by her ex-husband Stephen Wynn, the Company's Chairman and CEO. As stated in her complaint, Mr. Wynn breached their January 2010 Stockholders Agreement by orchestrating Ms. Wynn's ouster from the Board of Directors in retaliation for her asking questions about the "tone at the top," the absence of appropriate internal controls, the withholding of information from the Board and the reckless activity of the CEO and others in the Company, Ms. Wynn said.

In filing the complaint, Ms. Wynn "also seeks damages for Mr. Wynn's breach of his obligations under the January 2010 Stockholders Agreement, including for his failure to support her renomination and reelection to the Board of Directors, and for Wynn Resorts' tortious interference with that contract. Furthermore, and in the alternative, to the extent that the January 2010 Stockholders Agreement is deemed valid and enforceable, Ms. Wynn seeks specific performance ordering Mr. Wynn to comply with his contractual obligations, as explicitly required by the January 2010 Stockholders Agreement."

Mr. Wynn's denial of Ms. Wynn's ability to control her stock and her ouster from the Board came in retaliation for her having raised important concerns about business practices at Wynn Resorts and the complete absence of proper corporate governance.

In response to the amended counterclaim filed by Elaine Wynn in reference to the shareholder agreement between Ms. and Mr. Wynn, Steve Wynn, Chairman and CEO of Wynn Resorts, said through a spokesperson, "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."

In a separate press release, Wynn Resorts said that Elaine Wynn's latest claims are consistent with the falsehoods and distortions she previously made against the Company and its CEO Steve Wynn.