- Associated Press - Wednesday, March 25, 2015

LAS VEGAS (AP) - A day after Wynn Resorts Ltd. officials insinuated Elaine Wynn would have known her nephew was involved in a competing bid to buy Las Vegas Strip property but didn’t say anything as she sat in on board meetings, she called the concern a fabrication and an attempt to discredit her with shareholders as she wages a campaign to be re-elected to the board of directors.

Elaine Wynn sent a letter to shareholders early Wednesday morning explaining her side in the near daily feud with the company.

She said she wasn’t aware her nephew Andrew Pascal was planning to buy the former site of the New Frontier casino, the same Las Vegas Strip land that Wynn Resorts Ltd. had discussed buying. That’s why she didn’t recuse herself from Wynn Resorts board discussions on the possible land deal, she said.

Pascal had partnered with Crown Resorts Ltd. in buying the 35-acre site of the former New Frontier casino for $280 million in 2014.

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 April 24 annual meeting.

Wynn Resorts spokesman Michael Weaver confirmed the company has no proof Elaine Wynn knew of Pascal’s land deal while the company’s board was discussing its own potential purchase and said there was no internal review being conducted.

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

In her letter to shareholders, Elaine Wynn said she has no say if or when the shares are sold, a decision decided by the foundation’s trustees after she recuses herself, and that the company has long been aware of the process.

“The sudden suggestion that this sale is somehow improper is a baseless allegation to distract stockholders from the important issues at hand,” she said in the letter.


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