Steve Wynn, the casino mogul and former CEO of Wynn Resorts, has been accused of sexual harassment.
The allegations had led to him stepping down from his position as leader of his company. He also has agreed to give his ex-wife voting control over her shares.
It has been years of battle between Wynn and his ex-wife Elaine. She had sued him to gain control of the 9.4% stake she has in Wynn Resorts Ltd. This includes the right to sell the stock and privileges she previously signed over to her ex-husband.
The company announced the news on Friday, ending the years of battle between the pair.
Elaine and Steve had been twice married and divorced. In their second divorce agreement, Elaine had been prohibited from selling the shares or voting them independently.
According to a regulatory filing on Friday, Steve Wynn has no immediate plans to sell his own stake which is roughly about 11.8%.
In Wynn’s place, Matt Maddox will take over. Maddox had been president of Wynn Resorts since 2013.
According to Wynn, he stepped down due to “an avalanche of negative publicity” had created an environment “in which a rush to judgment takes precedence over everything else, including the facts.”
Disclaimer: We have no position in Wynn Resorts, Limited (NASDAQ: WYNN) have not been compensated for this article.