Following a lengthy letter being penned by its co-founder and largest shareholder Elaine Wynn, Wynn Resorts has responded by issuing its own statement.
Elaine Wynn released the statement urging shareholders to withhold votes with respect to legacy director nominee John J. Hagenbuch, who is up for re-election at next month annual meeting, taking place in Las Vegas on May 16.
A number of concerns were addressed, such as the need for a “new era at Wynn Resorts” and a belief that any decisions on its Wynn Boston Harbour construction should be held off, until the majority of its board is reconstituted.
Concluding Elaine Wynn stated: “If you share my concerns about Wynn Boston Harbour and other decisions that could have an adverse impact on long-term shareholder value, I urge you to WITHHOLD your vote from Mr. Hagenbuch at this year’s annual meeting.
“My focus is on taking the steps required to enhance the Company’s long-term value, eliminate the risk of longtime directors making short-term decisions, restore the Company’s reputation and transform it from a corporate governance laggard into a corporate governance leader.
“I look forward to discussing these issues with you over the coming weeks and hope that you will agree with me that the Company needs and deserves a new board that is truly independent and wholeheartedly committed to the Company’s long-term success.
“Please join me in bringing about a new era at Wynn Resorts by supporting my campaign to WITHHOLD votes with respect to legacy director nominee John J. Hagenbuch.”
In its statement in response, Wynn Resorts commented: “The Company is continuing the positive momentum that has accompanied its recent initiatives and is focused on the future. The Board is working in an orderly fashion to refresh its composition, with three new experienced and distinguished directors being named last week. The Board intends to continue its work.”