January 16, 2010

Billionaire Wynn Divorce Finalized

Posted in Celebrity Divorce, Divorce tagged , at 10:41 pm by demetriagraves

Steve Wynn, the billionaire chief executive of casino operator Wynn Resorts Ltd in Las Vegas, is officially divorced for the second time from his wife, Elaine.  Steve Wynn,   agreed recently to surrender $741 million worth of stock in Wynn Resorts to Elaine, in their divorce settlement. The split was finalized by a family court judge in Las Vegas.

The Wynns filed for divorce on March 5, 2009, and the case was immediately sealed to keep the details undisclosed to the public and to shareholders.

The new distribution of the 11 million shares, which were previously communal property, leaves the Wynns with approximately 18 percent of the company’s outstanding stock.

As part of the divorce settlement, the split couple also agreed to renounce their right to vote on behalf of the 24.5 shareholders of Aruze USA, a Japanese subsidiary of the gaming machine maker Universal Entertainment, which owns about 20 percent of Wynn Resorts’ stock.

The company’s stock is the most profitable of all US casino stocks but Wynn stock price took a hit with the announcement of the divorce settlement. Wynn stock dropped 1.31%, closing the trading day at $66.96.

Elaine and Steve Wynn married in 1963, divorced in 1986 and remarried in 1991. During their marriage, the couple had two daughters, Kevyn and Gillian, who are now adults.

Megarich couples ending their marriages could learn a lot from the Wynn divorce. As this is technically their second divorce, I suppose you could say that they’ve had some practice. Elaine owns more than 11 million shares of the company, shares which were once communal property. This means that she and Steve Wynn each have around a nine percent share in the company. The Wynns already sold off some shares last summer. While their marriages may not have worked out the Wynns still seem to have a good working relationship.

Elaine Wynn is the chairwoman of the national nonprofit Communities in Schools, and it’s reported that she will turn her professional focus to charity in the coming years.
Steve Wynn has been one of the most influential figures in the past several decades in the Las Vegas casino industry. Wynn also has been one of parties responsible for the recent boom in the Macau casino industry.

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