Key Takeaways from Wynn Resorts Limited (WYNN) Co-founder Elaine Wynn’s Open Letter
Co-founder of Wynn Resorts Limited (NASDAQ:WYNN), Elaine Wynn, issued a rejoinder on the insinuations brought by the Board of Directors. She has termed the allegations of the board as nothing but distracting shareholders attention from the real issues faced by the company. She has replied point-by-point for all the insinuations leveled against her.
Highlights Of Issues
The highlights of her letter were that there was no reason for Elaine to rescue herself relating to the acquisition of land near to the Las Vegas property. Wynn Resorts Limited (NASDAQ:WYNN) co-founder said that she was not aware of any possible land purchase by her nephew, Andrew Pascal. Therefore, she refuted the company’s charge as contrary to the fact and fabricated one.
Elaine said that she supported the equity compensation package for the company’s CEO, Steve Wynn. She said that the Board’s assertion that she had a conflict of interest about the equity award to the CEO did not have any merit. She pointed out that ISS favored more stock and less cash. She said that she supported the Compensation Committee’s recent move to increase the CEO’s stock component.
Wynn Resorts Limited (NASDAQ:WYNN) co-founders prevailing lawsuit will not have any impact on the control covenant, which was in relation to the combined shares that she and Steve owned. She reiterated her commitment to the company as a long-term shareholder of a company, which she co-founded.
Elaine also disclosed that the company was fully in the knowledge of the long-standing process enabling her to transfer shares to the philanthropic foundation run by her. The company has not given any input on when or whether the shares were sold.
The co-founder of Wynn Resorts, Limited (NASDAQ:WYNN) said that she was an independent voice and made a significant contribution to the board, as well as, the company. She charged the board of delivering conflicting messages on the reasons for not re-nominating her. She said that the board’s move questioned her valuable contribution.
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