Elaine Wynn files $900 million lawsuit in Las Vegas

Wynn Las Vegas

Elaine Wynn, former wife of Wynn Resorts founder Steve Wynn, has filed a $900 million lawsuit against her ex-husband and his company.

Elaine Wynn is attempting to regain control over her nearly 10% stake in the company.

Following a bitter divorce in 2010, Wynn said her husband breached a 2010 stockholder agreement by working to have her ousted from the company’s board last April when she faulted its internal controls.

The lawsuit, filed in Clark County, Nevada, is seeking to void the agreement so she can take control of her Wynn Resorts stake and plan her estate to benefit her daughters.

She also claims that Steve Wynn is using the current situation to exert “full and perpetual control” over her life and legacy.

Elaine Wynn controls 9.4% of Wynn Resorts’ stock while Steve Wynn controls 11.8%.

A spokesperson for Steve Wynn called Elaine “a disappointed ex-wife who is seeking to tarnish the reputation of Wynn Resorts and Steve Wynn and their daughters.” They claim her lawsuit is “filled with lies and distortions.”

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Wynn Resorts controls several popular properties including the Wynn Las Vegas resort, Encore at Wynn Las Vegas and Wynn Macau.

Steve Wynn has a personal fortune worth $2.7 billion. His wife has an estimated fortune of $1.5 billion.

Elaine Wynn’s lawsuit also names as defendants Wynn Resorts and General Counsel Kimmarie Sinatra.

She is seeking compensatory and punitive damages.

Written by John Howard

John Howard

John Howard is the Business Editor at BusinessPundit.com. He is an avid watcher of markets, a wallflower of retail, and a fan of disruptive businesses that utilize technology and unique ideas to form brilliant new ways of doing business.