Phil Satre could’ve ended up being Wynn Resorts chairman or even vice chairman should Elaine Wynn’s intentions had been backed by the company’s board. However, its members opted to reject his candidacy, submitted by Steve Wynn’s former wife and majority shareholder.
The decision was revealed by Ms Wynn herself in a statement filed with the U.S. Securities and Exchange Commission. According to her, the former Harrah’s Entertainment CEO (currently Caesars Entertainment Corp.) and current chairman of casino equipment maker International Game Technology Plc was “extremely well-qualified”. She highlighted his service “on the boards of at least six public companies, including as chairman of the board of three public companies, and has extensive credibility with gaming industry regulators”.
In addition, she explained that “the reason provided for [the company’s] board decision was that neither the nominating and corporate governance committee nor the full board wanted to bring in an outsider as a vice chairman, despite the candidate’s qualifications,” and further stated: “Tn an effort to resolve differences between the company and herself, [she] had offered to sign a multi-year standstill in exchange for the candidate’s appointment as chairman.”