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Wynn Resorts says Hagenbuch will not stand for re-election to board

May 14, 2018 at 05:48 pm EDT

(Reuters) - Casino operator Wynn Resorts Ltd said on Monday that John Hagenbuch will not stand for re-election to the company's board at the annual meeting on May 16.

Co-founder and largest shareholder Elaine Wynn who has been in a proxy fight with the board, has been asking shareholders to vote against Hagenbuch's re-election, whom she called a close friend of the company founder and former Chief Executive Officer Steve Wynn.

Steve, Elaine's ex-husband, resigned earlier this year on allegations of sexual misconduct and disposed his entire 11.8 percent stake in the firm for $2.1 billion.

In a letter, Elaine said "Mr. Hagenbuch represents all that is wrong with the long-serving legacy directors," suggesting a revamp of the board, given the proximity of board members to Steve.

In April new Chief Executive Officer Matt Maddox detailed steps the company had taken to distance itself from its founder and adjust its corporate culture, including adding three women to its board.

The company also said on Monday Robert Miller has resigned from the board.

The company's shares were down 2 percent at $191.70 in after-market trading.

(Reporting by Taenaz Shakir in Bengaluru; Editing by Shounak Dasgupta)

Stocks mentioned in the article

Add to a list Add to a list 0 selected To use this feature you must be a member Log in Sign up	Price	Change	5d. change	Capi.
WYNN RESORTS, LIMITED	96.6 USD	-0.47%	+0.52%	10.88B
DEERE & COMPANY	394.1 USD	-0.14%	-1.63%	110B
ALBERTSONS COMPANIES, INC.	19.91 USD	-0.15%	-2.69%	11.58B

Steve Wynn

Stephen Alan "Steve" Wynn (born January 27, 1942) is an American business magnate. He played a pivotal role in the 1990s resurgence and expansion of the Las Vegas Strip. His companies refurbished or built what are now widely recognized resorts in Las Vegas, including the Golden Nugget, The Mirage, Treasure Island, Bellagio, Wynn, and Encore.

Now, as Chairman of the Board and Chief Executive Officer of Wynn Resorts, Limited, Wynn has developed Wynn Las Vegas, which opened on April 28, 2005; Wynn Macau, which opened in September 2006; Encore at Wynn Las Vegas, which opened December 22, 2008; and Encore at Wynn Macau, which opened on April 21, 2010.

As of June 2014, Wynn is the 428th richest man in the world with a net worth of $4 billion. Wynn was raised in Utica, New York, and graduated from The Manlius School, a private boys' school east of Syracuse, New York, in 1959. Steve Wynn studied cultural anthropology and English literature at the University of Pennsylvania, where he was a member of the Sigma Alpha Mu fraternity.

In 1963, his father died of complications from open heart surgery in Minneapolis, leaving $350,000 of gaming debts, shortly before Wynn graduated from the University of Pennsylvania with a Bachelor of Arts degree in English Literature.

Career

Frontier and the Golden Nugget
Wynn took over running the family's bingo operation in Maryland. His success allowed him to invest in a small stake for the Frontier Hotel and Casino in Las Vegas, where he and his wife, Elaine, moved in 1967. Between 1968 and 1972 he also owned and operated a wine and liquor importing company. He managed to parlay his profits from a land deal in 1971 (the deal involved Howard Hughes and Caesars Palace) into a controlling interest in the landmark downtown casino, the Golden Nugget Las Vegas (he would later open the Golden Nugget Atlantic City in Atlantic City, New Jersey). Wynn renovated, revamped and expanded the Golden Nugget from a gambling hall to a resort hotel and casino with enormous success, in the process attracting a new upscale clientele to downtown Las Vegas. Frank Sinatra was a headliner at the Golden Nugget. Wynn maintains a relationship with Sinatra family, and named a restaurant at Encore “Sinatra”.

Source @ Wikipedia

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