Elaine Wynn Loses Fight To Stay On Wynn Resorts Board
Elaine Wynn has lost her battle to stay on the board of the company she co-founded with ex-husband Steve Wynn, according to Vegas Inc.
Wynn Resorts Ltd. shareholders made the decision during an annual meeting at the Encore Las Vegas Friday morning.
Vegas Inc., reports that John J. Hagenbuch and J. Edward Virtue were elected to the board. When Wynn was ousted, it reduced the number of board seats from three to two.
Before the vote, Elaine Wynn had said it would be referendum on her life's work.
The board says a shareholder lawsuit she has pending against company co-founder, CEO and chairman Steve Wynn represents a conflict of interest.
Three firms analyzed arguments ahead of Friday's meeting, each recommending different votes: for Elaine Wynn, for the company and another in the middle.
(The Associated Press contributed to this report)