Wynn ends legal-battle against ex-wife over share control

Steve Wynn has agreed to terminate an eight-year-old shareholder agreement with his ex-wife, allowing both of them to sell their stock in Wynn Resorts without requiring permission from the other.

Wynn’s decision to end the six-year legal battle comes only days after the gaming mogul resigned as CEO and Chairman of Wynn Resorts following sexual harassment allegations laid against him.

The legal battle between Steve Wynn and his ex-wife, Elaine Wynn began in 2012 when Elaine sued her ex-husband to break a 2010 shareholder agreement which prevented one party from selling shares without permission from the other.

Elaine Wynn is understood to have wanted to sell her shares in Wynn Resorts into order to pursue philanthropic ventures.

Should the court approve the termination of the agreement, Wynn’s voting power in the company will shrink to 11.8 percent of the shares, with Elaine Wynn free to do as she wishes with her 9.4 percent stake.

Wynn Resorts on Friday said that Steve Wynn has no immediate plans to sell his shares in the company, and would only do so in an orderly fashion should it happen, reported Bloomberg.