Elaine Wynn Ousted From Casino's Board

(RTTNews) - Casino operator Wynn Resorts Ltd (WYNN), Friday said its shareholders ousted Elaine Wynn from the board, reflecting fears that her presence may lead to disharmony with the management.

Elaine Wynn, co-founder and third-largest stockholder of Wynn Resorts, failed to get renominated by the board, which has been pressure from some institutional shareholders to improve governance.

In a statement, Wynn Resorts, quoting a preliminary vote count at its annual shareholder meeting, said investors had elected current directors John Hagenbuch and Edward Virtue, both of whom were supported by the management.

"While I am certainly disappointed by the result of today's vote, I am hopeful that I have once again served as an agent for change and improvement for this company, which I love so deeply," Elaine Wynn said in a statement.

"It remains to be seen if the directors of this company will deliver on the commitments they have made to greater independence, diversity and oversight of management," she added.

The former wife of company co-founder and CEO Steve Wynn, Elaine Wynn failed to get renominated owing to a 2012 lawsuit she filed against Steve Wynn in the District Court in Nevada.

Elaine Wynn's aim in the suit was to end a shareholder agreement designed to keep Steve Wynn in control by placing voting and selling restrictions on hershares.

She said that as the third-largest stockholder, she remain committed to holding all accountable, and will do so from a position of greater strength.