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Wynn Resorts board says NO to chairman candidate

Niji Ng

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Wynn Resorts board says NO to chairman candidate
Photo Credits: Wynn Resorts
Reading Time: 2 minutes

The board Wynn Resorts Ltd., which was mired in the controversy over sexual abuse allegations against its previous, has reportedly rejected the new chairman candidate. It is said that Elaine Wynn, the majority stakeholder, had proposed the new candidate. The filing to the US Securities and Exchange Commission, which revealed the development, did not identify the candidate proposed by Ms Wynn. A report by Bloomberg News identified the person as Phil Satre, the former chief executive of Harrah’s Entertainment, now called Caesars Entertainment Corp. He is currently chairman of casino equipment maker International Game Technology Plc.

The news agency said Mr Satre had confirmed to Bloomberg he withdrew his name from consideration for a Wynn Resorts board seat, but Mr Sartre did not provided further details about the matter.

Wynn Resorts is the parent company of Macau casino operator Wynn Macau Ltd. The parent firm has expressed interest in bidding for a potential casino licence in Japan.

In her latest filing, Ms Wynn stated that her proposed candidate was “extremely well-qualified”, having served “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”. The document added that the person was not a “close associate” of Ms Wynn.

The filing said: “the reason provided for [Wynn Resorts] board’s 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.”

Ms Wynn further added that, “in 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.”

The filing stated that the candidate had “made a board leadership position (chair or vice chair) an express condition to his willingness to join the board, because he felt that a leadership role would be necessary for him to be in a position to help address the company’s regulatory issues.”

The document added: “While the board offered the candidate a board seat, the board did so knowing that it would not meet the candidate’s condition, and he declined.”

In the filing, Ms Wynn again called for all board members of Wynn Resorts to be elected annually. She also expressed concerns that the board “would do something inappropriate with respect to the terms of the departure of Kim Sinatra,” arguing that Wynn Resorts should seek advice whether to consider this a ‘for cause’ termination. Ms Sinatra will cease to serve as the company’s executive vice president, general counsel and secretary with effect from July 15.

Wynn Resorts has been under pressure from Ms Wynn, a co-founder of the firm, and from some investor advisory firms, to bring in new faces at senior level since the publicity given in January to allegations that former chairman and chief executive Steve Wynn had sexually harassed employees. The entrepreneur has denied the claims, and eventually left the firm in February.

The structure of the Wynn Resorts’ board has changed dramatically over the past three months, with 60 per cent of the directors that had been in place at the start of the year now having departed.

The casino company announced in April the appointment of three new directors for its board, all of them women.

Source: ggrasia.com

Niji has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. Besides reporting industry headlines from all around the globe, Niji is also head of the content management team at Impressions Content Management, based in Kerala, India, which offers writing and editing services to clients around the world.

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Paddy Power Betfair to appeal penalty of €55 million

Niji Ng

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Paddy Power Betfair to appeal penalty of €55 million
Photo Source: fora.ie
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Paddy Power Betfair has announced that it will appeal against the tax bill of €55m slapped against its German and Greek businesses.

The first fine of €40m concerns the Betfair Exchange in Germany, which was operational up to November 2012, while the second of €15m relates to the paddypower.com business in Greece.

The Hessen Fiscal Court provided Paddy Power Betfair with a decision relating to the group’s appeal of a 2012 German tax assessment relating to the Betfair Exchange. The Fiscal Court found against the Group and deemed that a tax liability of €40m is payable, including accrued interest.

Paddy Power Betfair says this represents a multiple of the revenues generated by the Exchange during the assessment period. Separately, the group was recently issued with a Greek tax assessment for financial years 2012, 2013 and 2014, relating to paddypower.com’s Greek interim license.

Paddy Power Betfair stated: “The Group strongly disputes the basis of these assessments, and in line with the legal and tax advice we have received, is confident in our grounds to appeal. We therefore intend to do so. Pending the outcome of these appeals, we paid the total Greek liability in January 2019 while we await clarity with respect to the timing of any cash payment in Germany.”

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Betfair launches “Play Smart” campaign

Niji Ng

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Betfair launches “Play Smart” campaign
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Betfair’s has launched its latest campaign “Play Smart” involving world-class talent from Barcelona, Arsenal and Juventus. The new campaign will underline Betfair’s position as the place for smart bettors to land their winners.

The Play Smart campaign, devised by Leo Burnett London, is the sponsorship evolution of the Betfair campaign “Where Gut Instinct Meets Smarts.” It builds on the cognitive process of blending instincts, intelligence and competitiveness and the ability to “Play Smart.”

Stephen Mault, brand director at Betfair, said: “The creative positions the brand as the destination for the smart bettor, while building association between the brand and our high-profile partners [Arsenal, Barcelona and Juventus].”

 

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Sportradar partner with BBC to show European Badminton

Niji Ng

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Sportradar partner with BBC to show European Badminton
Photo Source: laola1.tv
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The BBC has reached an agreement with right holder Sportradar to live telecast the semi-final and final of Badminton’s European Mixed Team Championships in Copenhagen. The matches will be shown tomorrow and day after tomorrow on the BBC Sport website and digital platforms.

The tournament started on 13 February, with defending champions Denmark facing challenges from teams like France, the Netherlands and Spain in their group.

England, seeded second, have to face Ireland, Germany and Russia in their group.

England’s Men’s Singles player and National Champion, Rajiv Ouseph, assessed their chances.

“As players, we always enjoy the European team events and go to Denmark with the strongest possible squad which, due to injury, has not always been the case in past seasons.”

“When you pull on that England shirt, you really feel the pride of playing for your country, and we’re already excited to have another opportunity as a team to show that on court in front of the fans.”

Lutz Tigges, senior director audiovisual broadcast at Sportradar said, “We are really looking forward to starting coverage of the European Badminton Mixed Team Championships in Denmark. Demand for the broadcast coverage has been really strong and being able to add the BBC to that across their digital channels is another endorsement of the event.”

Live action will also be available to a global audience through Sportradar’s digital platform for the tournament, www.laola1.tv/badmintoneurope/

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