- Associated Press - Tuesday, March 24, 2015

LAS VEGAS (AP) - Wynn Resorts Ltd. officials said Tuesday that as the company’s board spent several years discussing plans to buy land on the Las Vegas Strip, director Elaine Wynn didn’t reveal her nephew was involved in a competing bid.

Officials mentioned the land deal for the first time Tuesday in a shareholder presentation making it the latest of several reasons the company has given for not re-nominating Wynn to the board.

Andrew Pascal is Elaine Wynn’s nephew. He partnered with Crown Resorts Ltd. in buying the 35-acre site of the former New Frontier casino last year for $280 million.

Wynn did not immediately respond to the claim.

The company’s board said it also had concerns that Elaine Wynn’s personal foundation sold $10 million worth of company shares during a quiet period when board members are typically barred from selling shares.

Elaine Wynn, the company’s third-largest shareholder, has been waging a re-election campaign to remain on the board of the company she co-founded with ex-husband and Wynn Resorts CEO and chairman Steve Wynn in 2002. She has urged shareholders to elect her ahead of the company’s Aug. 24 annual meeting.

The company’s reasoning has largely centered on a pending lawsuit Elaine Wynn filed against Steve Wynn regarding a shareholder agreement between the two that would allow her more freedom to sell or gift her shares. The board has said the litigation has made Wynn more interested in her interests than the company’s shareholders.

Elaine Wynn has disagreed, citing her significant stock holdings in the company as aligning her with other shareholders.

She, in turn, has characterized the board as a boys club in ousting her, the only woman from eight-member board.

The company has said it plans to focus on diversifying the board as it seeks an independent director to round out the board before the end of the year.

The feud recently led a brief legal tangle over the company’s logo, too.

Elaine Wynn shares her name with Wynn Resorts Ltd. but she can’t use its Wynn signature-style logo on her personal website urging shareholders to re-elect her to the casino-resort company’s board of directors.

The company recently told Wynn that the trademarked logo was reserved for official business.

By Monday the website’s top corner that featured the logo as her last name was replaced with Elaine Wynn’s personal signature in gold lettering.


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