In a sudden and wholly unexpected development, Wynn Resorts has appointed Phil Satre to the board of directors as vice 
chairman. Since D. Boone Wayson is stepping down as chairman of the board at year’s end there’s every reason to expect that Satre will succeed him, in keeping with Elaine Wynn‘s express wishes. Concurrent with this change of events, Ms. Wynn has entered into a multi-faceted agreement with the board that expires when Satre’s term as chairman does.
Deutsche Bank analyst Carlo Santarelli ticks off the salient points of the pact: “1) Elaine Wynn’s ownership is capped at her current 9.9%, 2) she will not nominate anyone for election at the Company’s shareholder meetings or seek to add additional members to the Board, 3) she will not enter a proxy battle with the Company, 4) she will not seek to influence management, the Board, or any business policies, and 5) she will communicate any specific proposals to members of senior management or the Board directly. Ms. Wynn also agreed to vote her shares in accordance with the Board’s recommendations with 
respect to election and removal of directors.” She is also forbidden from engaging in any “extraordinary transaction” involving Wynn stock. Says Santarelli, “While this could very well be customary language in an agreement of this sort, we believe any commentary around transactions involving WYNN are likely to raise the antennas of the investment community.”
Heck, I’d say there are a lot upraised antennae this morning. The meaning of the “Wynn” in Wynn Resorts continues to change — and entirely for the better.
* Speaking of salience, one of the transformative figures in the Las Vegas restaurant scene is no longer among us. Joel Robuchon left this vale of tears at age 73, brought down by cancer. The next time somebody opens a restaurant with kitchenside dining, they will be emulating Robuchon’s example. Thanks to my wife’s magical comp-scoring skills, I was able to eat at both of Robuchon’s MGM Grand restaurants and they were culinary experiences of the highest quality. Priesthood’s loss was cuisine’s gain. “From Paris to Shanghai, his savoir-faire was an art form that made French gastronomy shine and continues to inspire the next generation of chefs,” tweeted French government spokesman Benjamin Griveaux. Considering Robuchon’s influence we think his passing merits more than a tweet, don’t you?
