Divorce Causes Rupture in Wynn Las Vegas Stock
Steve Wynn has been forced to give up $741 million, as part of a divorce settlement with his former wife, Elaine Wynn. The 11 million shares the couple previously owned have been divided up, leaving both with a share of approximately 18% of the company each. Due to the divorce settlement the couple have also had to forgo their “right to vote” on the future of Aruze USA, a subsidiary of Universal Entertainment, the gaming machine manufacturer.
This is the second time the couple have divorced, as in 1986 the Wynn’s called it quits, before getting remarried in 1991. The split is said to have ruptured not only the stock market, but the Las Vegas casino industry in general.
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