LAS VEGAS, March 28, 2016 /PRNewswire/ -- Steve Wynn, Chairman and CEO of Wynn Resorts (NASDAQ: WYNN) today through a spokesperson issued the following statement in response to the amended counterclaim filed by Elaine Wynn in reference to the shareholder agreement between Ms. and Mr. Wynn:
"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.
"The shareholder agreement in question between Ms. Wynn and Mr. Wynn is the same agreement that Ms. Wynn endorsed at its inception and reaffirmed in their divorce. Ms. Wynn is using this baseless lawsuit as a platform to disavow an agreement she was extremely well-advised on by sophisticated counsel at the time of signing.
"Ms. Wynn was a member of the Board of Directors of Wynn Resorts until last year. She never raised these issues, some of which are over a decade old, with her fellow directors during her 13 years of service. More to the point, she has been aware of the settlement Mr. Wynn made with the Wynn employee in question using his personal funds since 2009. Never once did she raise the issue during the dozens of board meetings she attended over six years, or over the course of the proxy fight she ran last year in an attempt to regain her board seat.
"What particularly saddens Mr. Wynn among the many falsehoods is the assertion that Mr. Wynn's estate planning does not provide for his daughters and grandchildren. This is untrue in every sense of the word and is a shocking allegation for a mother to make concerning family.
"While none of these allegations have any relevance to the shareholder agreement in question, the common thread throughout the complaint is her concerted effort to malign and vilify every individual Ms. Wynn perceives to have slighted her.
"Mr. Wynn has used every possible personal resource he has to try and address Ms. Wynn's requests, including offering to buy all or part of her stock. She is now asking to compromise the corporate stability and financial health of Wynn Resorts, which he cannot and will not support. This is an action unbecoming of a long-time director, significant shareholder and mother."
Joele Frank, Dan Katcher, Kelly Sullivan
Joele Frank, Wilkinson Brimmer Katcher
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SOURCE Steve Wynn