Elaine Wynn suing for $900m Share of Wynn Resorts Stock

It seems like Steve Wynn and his Wynn Resorts casino empire just can’t stay out of lawsuits lately. Just weeks after being sued by his casino dealers, Wynn’s ex-wife, Elaine, is now suing him to get her 10 percent stake in the company (valued at $900m).

After a bitter divorce dispute in 2010, Elaine Wynn stayed on the company’s board until last April, when Steve pushed for her ouster on grounds that she faulted its internal controls.

Elaine now wants to take control of her nearly 10 percent stake to plan her estate for her daughters and keep Steve from using the divorce/company agreement to maintain “full and perpetual control” over her life.

According to Yahoo Finance, Steve Wynn has dismissed the lawsuit as merely “a disappointed ex-wife who is seeking to tarnish the reputation of Wynn Resorts and Steve Wynn and their daughters,” whose court papers are “filled with lies and distortions.” Wynn Resorts also released a separate statement claiming that Elaine Wynn’s lawsuit is nothing but “falsehoods and distortions.”

Reuters data shows that Steve Wynn maintains an 11.4 percent stake in the company while Elaine holds 9.4 percent. Steve, 74, has a net worth of $2.7 billion while Elaine has a $1.5 billion net worth according to Forbes. One reason for Steve Wynn’s larger net worth is that he’s developed other Las Vegas casinos besides the Wynn, including Treasure Island, the Bellagio and Mirage.

As for the Wynns’ marriage history, they were first married in 1963, divorced in 1986, then remarried in 1991, divorcing a second time in 2010.

In addition to asking for control of her Wynn stock, Elaine’s lawsuit also seeks punitive damages against Steve for not ing her reelection to the company board.

This is one of several ongoing legal battles that Steve Wynn is now dealing with. Earlier this month, he was sued by Wynn Resorts dealers for forcing them to share tips with employees who don’t normally receive them. The dealers ague that this policy is designed to avoid paying minimum wage to other employees, instead relying on tips to cover the gap.

Wynn has also been in two legal battles with Boston Mayor Martin J. Walsh. The latter sued to stop Wynn from building a casino in suburban Boston but was unsuccessful. Wynn has since countersued, claiming that Walsh spread falsehoods to damage his company.