Elaine Wynn Urges Wynn Resorts Shareholders To Remove Director John Hagenbuch

(RTTNews) - Elaine Wynn, co-founder and the largest shareholder of Wynn Resorts, Limited (WYNN), urged shareholders to join her in withholding votes from Wynn director candidate John Hagenbuch, who is up for re-election at Wynn's Annual Meeting scheduled for Wednesday, May 16, 2018.

In her letter to shareholders, Elaine Wynn said, "I am deeply concerned by what I view as the lack of independence and responsible oversight demonstrated by the current board of directors. Given my significant interest in the Company, and my concerns about its most senior leadership, I am seeking to reconstitute the board and reform the Company's corporate governance."

Elaine Wynn said, "To be clear, I am not looking for a board seat for myself or anyone who is closely associated with me. My focus is solely on enhancing and protecting our investment in the Company."

Elaine said although the board recently unilaterally appointed three new directors and indicated its intention to add more new directors in the coming months, she does not believe these steps go far enough toward changing "business as usual" in Wynn's boardroom. In particular, they do not address the number of longstanding legacy directors who will remain on the board.

"This is largely the same board that announced only two months ago, "with a collective heavy heart" the resignation of "our founder, CEO and friend Steve Wynn." Several longstanding legacy directors still wield significant influence at the Company," Elaine said.

This is especially true of Mr. Hagenbuch, who serves on the special committee responsible for overseeing the investigation into allegations of Mr. Wynn's sexual harassment and on the compensation committee, which is responsible for the Company's executive compensation practices that proxy advisory firms have viewed as highly problematic, Elaine said.