Steve, Elaine kiss, make up; Sooner State tribes to get tables

So Steve Wynn‘s downfall wasn’t the product of a massive, Elaine Wynn-led, female conspiracy after all? The mogul and his ex-wife have agreed to terms on their Wynn Resorts stock holdings. They have consented not to contest stock sales by the other (according to the terms of their divorce, any sale would have to be done by mutual consent). That puts $4 billion worth of shares in play, 21% of the company. This does not, however, put paid to litigation between the Wynns over Elaine’s controversial and involuntary exit from the board of directors.

As for the current settlement, one school of thought holds that — by diluting Steve Wynn’s ownership and ability to control the company through his and Elaine’s share holdings — Wynn Resorts hopes to placate regulators in Massachusetts, where the company’s casino license is in jeopardy. This also ties in with cryptic remarks made last week by CEO Matt Maddox that the fate of a single property would not be allowed to imperil the company. Already, Steve Wynn faces a probity investigation in Massachusetts, where both Gov. Charlie Baker (R) and Attorney General Maura Healey want the “Wynn” off Wynn Boston Harbor. Some are even moving for a curative restoration of Elaine Wynn to the board as chairwoman. One analyst asked Global Gaming Business, “They worked side by side developing the Mirage properties and later the Wynn resorts. She’s the victim. Who wouldn’t want to put her in charge?” Who indeed?

* Sports betting is theoretically legal in West Virginia after the Lege approved it and Gov. Jim Justice (R) allowed it to become law without appending his signature. Justice is among those who think sports leagues should be allowed to appropriate an “integrity” fee and may call lawmakers back into session to append a quarter-of-a-percent one.

* It was a banner day for Oklahoma tribal casinos. By a 2-1 margin, the state Senate approved them for roulette, craps and other Las Vegas-style games. The bill now goes to the House for consideration. The games would be taxed at 10%, with almost all of the earmarked for public education (there is also a special rate for electronic table games). A paltry $250,000 will go to problem-gambling treatment. The new bill, if passed, should be a bonanza for the Sooner State, being expected to yield $22 million in taxes, er, “exclusivity fees” in year one and $45 million in the second. The table games bill might have passed a year earlier but the previous version allowed for sports betting and, by stripping that provision from the legislation, it was an easier sell this year.

* Look out Manila, here comes Cambodia. The nation is aiming to become the next powerhouse in Asian casino nations. Phnom Penh is off-limits for casinos, though, so I doubt we’ll see any major American operators dipping their toes in Kampuchean waters.