A cautionary tale, perhaps. Just a few months ago no one could have conceived Steve Wynn would be forced to resign and sell his stock, so the company could hold onto its gaming licenses. His ex-wife Elaine and Wynn General Counsel Kim Sinatra are in a death match fight. There is major and serious ongoing litigation. The Wynn name is almost certainly to be purged from all properties.
A few weeks ago no one thought Facebook would be in serious legal trouble worldwide, with multiple governments investigating. Just saying… Wynn, after it emerges from all this, will be mostly unrecognizable from what it is now, probably with new management. Facebook is going to have its day of reckoning too.
Wynn Boston project renamed.
Wynn Boston Harbor to be renamed Encore Boston Harbor.
Wynn Resorts clearly understands its brand has been tainted by the Steve Wynn scandal and is making moves to control the damage.
We say there’s a very real chance Wynn Las Vegas will also rebrand as the fallout continues. Wynn executives claim otherwise, but it’s becoming increasingly clear some executives at Wynn Resorts are full of what industry insiders refer to as “horse manure.”
Another shift in branding is the Wynn Paradise Park project, which is currently being referred to as just Paradise Park.
Elaine Wynn says she told Sinatra about rape allegations.
She said she told the general counsel of Las Vegas-based Wynn Resorts in 2009 that she had received information alleging her now ex-husband had “raped” an employee in 2005.
She says general counsel Kimmarie Sinatra later told her the accusation against Steve Wynn was “deemed not to have been an issue of concern for the company” and that it was “handled personally.”
Sinatra vehemently disagrees.
“I disagree vehemently with Elaine Wynn’s testimony. My recollection, which is clear, is that at no time did Elaine Wynn ever tell me that there was an allegation of rape against Steve Wynn. In the relevant conversation in which she promised to destroy Steve Wynn and said she didn’t care if that reduced the company’s stock price to zero in the process, Elaine Wynn made an oblique reference to a settlement, and nothing more. Elaine Wynn has repeatedly used the broad protection of the litigation privilege to unjustly smear my reputation.”
PS. I’ve been unable to determine if General Counsel Sinatra is related to Frank, in case you’re wondering.