Steve and Elaine Wynn Divide Resort Holdings in Divorce Settlement
By Jim Greene
Published on January 26, 2010
Steve and Elaine Wynn were divorced for the second time earlier this month and agreed to divide their shares of Wynn Resorts, Ltd. Elaine got more than 11 million shares, worth more than $740 million on Jan. 5, the day of the decree.
The details of the divorce were sealed by the Las Vegas family courts, but a report filed with the Securities and Exchange Commission (SEC) revealed Elaine's holdings of 11,076,708 shares. She has been a company director since 2002. Steve is the company's chief executive officer.
Wynn Resorts owns two resort casinos in Las Vegas and one in Macau, the former Portuguese colonial port city in southeastern China, near Hong Kong.
Steve Wynn's resort casino development career began in Las Vegas with the renovation of downtown's Golden Nugget and the development on the Strip of The Mirage, Treasure Island, and the Bellagio. He also developed the Atlantic City Golden Nugget and Beau Rivage in Biloxi, Mississippi.
The couple's marital split was forecast early last year, when it was reported that Steve was dating another woman. Their financial split was documented in a series of reports to the SEC, spelling out the steps leading up to the eventual division of Wynn Resorts shares. Each party will have about 18 percent of outstanding shares.
The couple was first married in 1963 and divorced in 1986. They remarried in 1991.
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