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 Steve Wynn, casino billionaire and CEO of Wynn Resorts Ltd., agreed Wednesday to transfer over $741 million dollars worth of his company stocks as part of a divorce settlement to his wife, Elaine. Over 11 million shares were transferred in the settlement after which closing stock was $66.96 per share totaling an 89 cent loss Wednesday.
The former couple also has to give up their right to vote on the 24.5 million shares owned by Aruze USA. Universal Entertainment Corp is the parent company of Aruze USA and was founded by Kazuo Okada, who also happens to be the Wynn's vice chairman of the board. Aruze is responsible for nearly 20 percent of the Wynn Resort's stock.
Steve and Elaine Wynn both filed for divorce on March 5, 2009 in Las Vegas, Nevada where the case remains sealed to keep their divorce out of the public eye. Elaine has been a member of the board for quite some time and was re-elected back in May 2009 for another three year term. According to Steve Wynn, the company was delighted to have Elaine on the board for another term.
The Wynns met in college and married in 1963. The couple than divorced 13 year later in 1986 but were remarried after five year. They have two grown daughters, Kevyn and Gillian. Elaine regularly attends Vegas social and charity events and was also a former beauty queen. Once, Vogue Magazine dubbed her "the unofficial queen of Las Vegas."
Wynn Resorts Ltd is one of the world's largest casino companies and has many resorts and casinos in locations around the globe including Las Vegas, Nevada and Macau, China.
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