Steve and Elaine Wynn, in a joint statement released yesterday, after eight months of hammering out some of the details, the couple announced they have reached “an amicable settlement” agreement in the split of their estimated $2 billion gambling empire– giving it the distinction of one of the most expensive divorces on record.
According to the statement, the terms and conditions of the settlement are confidential.
Their divorce is expected to be finalized the first part of 2010.
It also appears to be business as usual after the divorce is final. Elaine Wynn will continue her role as director and board member of Wynn Resorts, Ltd., emphasizing community outreach and charitable contribution projects, working together with ex-hubby Steve Wynn.
Their divorce papers were filed March 5 and sealed the same day, keeping secret such details as who filed.
There has been speculation that the divorce settlement could eclipse the $1.7 billion worth of assets media mogul Rupert Murdoch agreed to give wife Anna in their 1999 divorce. That deal included her receiving a reported $110 million in cash.
The Wynns were married in 1963, divorced in 1986, and re-married again in 1991— all the while acquiring their current financial fortune.
The Wynns split after the hotel developer’s romance with a British divorcee, Andrea Hissom, went public this year. They met in 2008 on the Riviera, where he has a luxury yacht.
Steve Wynn, who turns 68 Jan. 27, and Hissom were seen yesterday at the “Regis & Kelly Live” TV taping at the Encore Theater at Wynn Las Vegas.
The Wynns are now living in separate villas at Wynn Las Vegas on the Strip.
In his divorce complaint, Wynn said that because of the couple’s wealth of community property, neither party should be awarded alimony or other financial support.
But under Nevada law, community property is supposed to be split in half, which means each is entitled to half of the couple’s lucrative Wynn Resorts stock. Exactly how the stock is being divided, however, remains to be seen.
Steve and Elaine Wynn reportedly each own more than 24 million shares in Wynn Resorts. Wynn Resort stocks have been hovering between $60 and $70 a share.
Nevada gaming regulators have been watching the divorce proceedings because Elaine Wynn may have to come forward for licensing if she ends up owning 10 percent of Wynn Resorts stock. It depends on how her ownership share is structured.