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twitterWynns agree on ‘amicable’ split of assets in divorce
Tuesday, Nov. 24, 2009 | 2 a.m.
Steve Wynn filed for divorce on March 5.
Elaine Wynn may need a gaming license.
Sun Archives
- Wynns sell 2 million shares of stock ahead of divorce (8-18-2009)
- How much privacy is due public figures in divorce? (3-27-2009)
- Wynns’ breakup won’t break up company (3-18-2009)
Steve Wynn and Elaine Wynn have struck a court-approved financial agreement that splits up their estimated $2 billion gambling empire and paves the way for the divorce he has been seeking for eight months.
The confidential settlement, which comes on the heels of secret courthouse negotiations late last week, doesn’t have to be disclosed to federal and state regulators until after the Wynns obtain their divorce decree early next year, a source close to the couple said Monday.
But in confirming what he called an “amicable agreement,” Steve Wynn’s lawyer, James Jimmerson, said the couple will stay in control of Wynn Resorts, which owns luxury casinos in Las Vegas and Macau.
Chicago attorney Don Schiller, who represents Elaine Wynn, added, “Neither party intends to do anything that would create any change relative to the company.”
Late Monday, Wynn Resorts issued a statement in response to a Sun inquiry, saying Elaine Wynn will stay on as a company board member and “work together with Mr. Wynn for the best interests of the company and the staff.” She plans to keep her office at Wynn Las Vegas and continue to “focus on community outreach and charitable contributions” on behalf of the company.
The source close to the Wynns said, “Everything will remain as it is. They’ll be making the appropriate disclosures to the Securities and Exchange Commission and the Nevada Gaming Control Board.”
When Steve Wynn filed for divorce March 5, he said he and his longtime wife and business partner had “become incompatible in marriage,” but that he wanted a fair and quick resolution to their marital breakup. Friends said his goal was to come to a friendly parting of the ways that would have little effect on their publicly traded company. The Wynns have been living in separate villas at Wynn Las Vegas on the Strip.
Neither of the couple’s lawyers on Monday would discuss the agreement or how it was reached.
“The parties wish to keep this a personal and family confidential matter,” Schiller said. “We’re not making any public comment.”
But courthouse sources said the marital settlement was the result of negotiations guided over the past month by Chief District Judge T. Arthur Ritchie Jr. The parties had asked Ritchie, a Family Court judge, to oversee the talks. The Family Court judge presiding over the sealed divorce case, Kenneth Pollock, was prohibited by court rules from participating in the discussions.
Ritchie confirmed Monday that he served as the settlement judge, but he declined to comment further.
The Wynns and their lawyers ironed out the details of the agreement under Ritchie’s supervision on the 10th floor of the Regional Justice Center between 12:30 p.m. and roughly 5 p.m. Wednesday, courthouse sources said.
It took lawyers most of Thursday to put the language of the agreement in writing, and by 7 p.m. both sides returned to Ritchie’s courtroom, where the deal was approved about an hour later.
The divorce proceedings have been conducted behind closed doors at the request of Steve Wynn, who was worried that public disclosures might harm the couple’s business interests. By law, any party to a divorce in Nevada can request that it be sealed.
The Wynns were married in 1963, divorced in 1986 and remarried again in 1991 — all the while acquiring their current financial fortune.
In his divorce complaint, Wynn said that because of the couple’s wealth of community property, neither party should be awarded alimony or other financial support.
But under Nevada law, community property is supposed to be split in half, which means each is entitled to half of the couple’s lucrative Wynn Resorts stock. Exactly how the stock is being divided, however, remains to be seen. When the divorce complaint was filed, the Wynns had a 21 percent share of company stock, which shrank a little in August when they sold 2 million shares to prepare for the divorce. Those shares, which amounted to less than 10 percent of their holdings, were sold at an average price of $57 a share. Wynn Resorts, which closed Monday on Wall Street at $63.78 a share, has suffered earnings losses in recent months, but it has capital to spend, so in that sense it is in much better financial shape than some of the highly leveraged gaming companies, such as MGM Mirage and Las Vegas Sands.
Nevada gaming regulators have been watching the divorce proceedings because Elaine Wynn may have to come forward for licensing if she ends up owning 10 percent of Wynn Resorts stock. It depends on how her ownership share is structured, Gaming Control Board Chairman Dennis Neilander said.
Jeff German is the Sun’s senior investigative reporter.
Discussion: 30 comments so far…
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I wonder if Obama came between them??
Why oh why can't people just get along? jeez 2 billion dollars to split up? I At their age, why don't they just live separately and stay married so as not to disturb their fortune..
He is like Trump.
I wonder who will be the next Wynns.
Ladys,who whats to be the next billionair.
Another reason not to get married. Hope $he was worth it.
What about the Sanctity of Marriage; I thought it meant something, where are the Evangelical protesters now?
"Love: A temporary insanity curable by marriage."
quote from Ambrose Bierce
Comment removed by staff.
mred It was Dick Cheney you nit wit. You would know that if you got your information from other sources than Fox News and Rush. I wonder what makes people like you tick? Is it hate,fear,jealousy,inferiority,in breeding,lack of education, to much free time,child abuse, mental health issues,self loathing,over medicated, under medicated or just stupid?
This divorce was handled 100% correct. They both can still work well together during their business day and at the end of the day-they can go their seperate ways. It works out for everybody involved-including the shareholders.
Does this mean he is available?????? I think he is cute, perfect for a Texas Girl
Wow Homer, you must be an illegal immigrant on welfare to be backing Obama with such strong words, since afterall those are the only people he is trying to help with his handouts and healthcare.
i wonder if ensign was involved.
I don't see what he is divorcing her for. She didn't let herself go. She is still teh hawt! :tard:
Its a great way to split the risk in their company and protect their assests.. Did they not do this un the heal of opening the Mirage??? It is a way to protect their personal wealth.. Steve is always thinking!! GO STEVE GO
Elaine Wynn is a wonderful person and a good wife and mother; why Steve is doing this is beyond reason and very inconsistent with sound reasonable thinking. Nobody who knows Steve Wynn supports his decision to divorce Elaine; it is a mistake that he will regret.
I am sorry that anyone must go through the tribulations of a divorce. It is a sometimes nasty way to live your life for the time you are going through it.
Since both Wynn's are prominent figures in Nevada, I would say there is probable chance there is more to this than meets the eye (respectfully, no dig on Mr. Wynn's affliction).
But I wonder if...
Are the details of this split, may they be as juicy as the "Backbencher's", or as pathetic as the "Philanderer's". YoWzAa!!!,
IS THERE AN ILLEGAL ALIEN "NANNY" IN THE BASEMENT...?
ARE THERE ANY LOVE-LORN EXPOSE EMAILS...?
C'MON SUN...PLAY ENQUIRER FOR A DAY...!
Steve will keep the 'Wynn' name on the Wynn Hotel....
However, the 'n c o r' inner letters on the Encore Hotel will be replaced with 'l a i n' and will be renamed : Elaine.
The children always suffer in a divorce.
if steverino gets tired of his current girl friend he can always remarry elaine; third time is a charm.
Whether you like the idea of Steve Wynn or not, he is a brilliant businessman. His vision helped create a rebirth with the Mirage, TI and Bellagio when things of that nature had not yet existed in Nevada.
Show a little respect to both parties here. They've been together for almost 50 years! That is a LIFETIME!!! As someone who's been with my man for over 20 years, I can attest to what a true and long history between two people feels like. Toss billions of dollars in the mix, children and indiscretions and suddenly everyone wants to have an opinion. Looking for 'juicy' details as someone put it is just disrespectful.
Regardless of who did what and how, I'm sure they will both be very respectful of one another in light of the current circumstances. I hope nothing but the best for both of them.
KarinaP : I shoulda married you...
don't get too excited, they have a history of divorce, or should be call it estate/tax planning.
.
..
...A simple piece of cake for the attorneys...His and Her matching villas on site and he gets the Wynn, She gets the Encore. As mentioned above simple sign change from Encore to Elaine...
...Pssttt, anyone have Elaine's phone number...???
..
.
Will someone tell Elaine? I am single and availabel$$ anytime.
... POOR Stevie!?! Maybe THAT'S why he's been "acting out" so much on FAKE-FOX-NEWS!!! LOL!!!
Earlier this month Steve closed on his
new Sun Valley home in Ketchum Idaho for 7.5 million. He'll be sking down the slopes
with his new girl friend and having fun.
I wonder who is getting Garth Brooks in the divorce?
Steve's ego must be as large as his......wallet. Forty year old girlfriends do not mix with 60 year old wives.
P.S. Elaine, ask for a 50/50 split.