Casino mogul Steve Wynn’s company is under investigation for violating the Federal Corrupt Practices Act stemming from its efforts to enter the Macau market. Wynn is tangled in a messy lawsuit with a former business partner in which both men have lodged bribery allegations. He once poked an elbow through a Picasso painting, which he recently sold. Wynn also and faced off with a kidnapper who took his daughter and paid a ransom before the men were caught.
But Wynn now faces his biggest battle with his ex-wife, Elaine.
Elaine Wynn filed a lawsuit in federal court seeking to sell her shares of Wynn Resorts, which she was awarded as part of their $750 million divorce. The sale of half of her 9.6 percent stake could trigger a series of events that would threaten her ex-husband’s control over the $13 billion casino company and possibly his personal fortune, reports BusinessWeek.
If Wynn’s ex-wife wins in court, that may force the company to buy back $3 billion in bonds. The company is already deep in debt and would likely have to borrow more money to finance such a buyback. That could lead to a lower credit rating and complicate the completion of a $4 billion casino project in Macau. Despite Wynn’s problems, it is tough to feel sorry for a billionaire who made his fortune stripping wealth from gamblers, many of whom can least afford to gamble.