The Wynns, When Divorce Doesn't Mean Get Out Of My Company

by Deidre Woollard (RSS feed)
Jan 10th 2010 at 7:01PM

Megarich couple on the outs could learn a lot from the Wynn divorce. Gambling mogul Steve Wynn and his ex-wife Elaine have split the shares in Wynn Resorts Ltd following what is their second divorce. She owns more than 11 million shares of the company, shares which were once communal property. This means that she and Steve Wynn each have around a nine percent share in the company. The Wynns already sold off some shares last summer. According to one article the move has made Aruze USA Inc. a subsidiary of a Japanese gaming company Wynn's largest shareholder with close to 20 percent of the shares.

Elaine Wynn indicated in an AP story that while she will still remain on the board and serve as a public face of the company she is shifting her focus to philanthropic efforts.

She is the chairwoman of national nonprofit Communities in Schools and she and Steve Wynn recently donated $1 million to nonprofit Three Square, to support the "BackPack for Kids" Program providing bags of food for needy children in the Clark County School District so they have something to eat over the weekend. The giant check bears both their names on the name of a foundation they started together.

While the marriages may not have worked out the Wynns still seem to have a good working relationship. Of course at one point the Blixseths were touted as having an amicable separation and we all know how that turned out. But Elaine Wynn has played a key role in determining the look and feel of Wynn resorts. She selected many of the retail shops and is partly responsible for the luxurious look and feel of the Wynn enterprises. Barring any unforeseen future squabbles, the company is likely stronger for continuing to keep her on the board and at least partly active in the organization.

Tags: divorce, elaine wynn, ElaineWynn, steve wynn, SteveWynn, wynn resorts, WynnResorts

Filed under: Wealth

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Nick Jan 11th 2010 10:25PM

http://americanmafia.com/Inside_Vegas/5-2-05_Inside_Vegas.html
Here is a little information about good ol Stevie....just in case most of you are in the dark about what goes on in Vegas.