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Wynn Resorts Board Battle, Revel Power to be Restored, and Gold Strike Sale Approved

Elaine Wynn Loses Board Battle

A battle to oust Elaine Wynn from the Board of Directors at Wynn Resorts appears to be successful. Elaine Wynn was unable to win election to the board from shareholders. Steve Wynn’s ex-wife owns 19 percent of the company, meaning she cast that many votes, yet still could not overcome opposition. A divorce agreement from 2010 with Steve Wynn required his shares to also vote for her on the board, according to CNN Money.

This leaves the Wynn Board of Directors entirely white men, an issue Elaine Wynn pointed out in her campaign to remain on the board. Wynn Resorts has expressed intent to address those concerns.

Revel Power Station Returning to Service

Revel and its onsite power provider have come to terms. The agreement would pay ACR Energy Partners $262,500 per week while the property sits idle. Power will return to the property on April 29. Revel’s new owner has been paying $5,000 per day in fines to Atlantic City while the power has been turned off. Revel attempted to use temporary generators. These were found to be too polluting to the environment due to their age.

MGM Resorts Sale of Gold Strike Approved

The sale of Gold Strike in Jean, NV was approved by the full Nevada Gaming Commission this week, the Las Vegas Review Journal reported this week. The struggling property is owned by MGM Resorts. It was acquired through a merger last decade with Mandalay Bay. JETT Gaming will be the new owner of the dilapidated property located about 20 miles south of Las Vegas. JETT Gaming intends to redevelop the entire exit around Jean and I-15. This includes a new truck stop and expansion of the two gas stations.

Jean’s entire existence depends on these properties. There are no residents in the town. Most employees at the casino live in Las Vegas.  A mothballed prison and an airport used solely for skydiving are the only other entities located in Jean.

Iowa Casino Does Not Have to Pay Erroneous $41 Million Jackpot

The Isle Casino in Waterloo, Iowa does not have to pay a $41 million jackpot displayed by a penny slot machine on its property in 2011. The Iowa Supreme Court issued the ruling this week. The game disclosed a cap payout of $10,000.

The mistake was attributed to a software error. The actual win was just $1.85. The slot this occurred on was a Miss Kitty machine.  The affected gambler was offered a free hotel room for her trouble but decided to take the issue through the court system.

Casino Jobs Available in Atlantic City

There are 1,400 jobs available in casinos located in Atlantic City. An Associated Press report states that New Jersey regulators confirmed this number. Many of these are seasonal jobs. Only 350 are full time positions. This is a small consolation for a market that shed 8,000 jobs when four casinos closed in 2014. The city is looking to centralize positions available in the Atlantic City gaming market.

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