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Wynn Sues For Right To Sell Casino Shares

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(Photo by Ethan Miller/Getty Images)

(Photo by Ethan Miller/Getty Images)

tate south Tate South
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LAS VEGAS (AP) — Wynn Resorts Ltd. board member Elaine Wynn wants to nullify a stockholders’ agreement that restricts her ability to sell her more than $1 billion in shares of the casino company.

The Las Vegas Sun reports Wynn filed a claim Tuesday, saying the company’s move earlier this year to forcibly redeem board member Kazuo Okada’s $2.7 billion in shares eliminated the premise of the restrictions.

The stockholder agreement restricts Okada, Elaine Wynn, and her ex-husband CEO Steve Wynn from selling their shares. Such restrictions usually aim to keep key people as substantial owners of a company, or to prevent large stock sales that could drive down share prices.

The claim was part of a Wynn Resorts suit against Okada, who the company claims breached his duty as director.

Elaine Wynn has a 9.7 percent stake in the company. She says invalidating the agreement would give her more flexibility to support charitable causes.

Steve Wynn defended the agreement as a way to ensure stability for stockholders, and called his ex-wife’s claim a legally baseless attempt to bring a domestic matter into federal court.

Copyright 2012 The Associated Press.

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