Wednesday, May 14, 2003
Copyright © Las Vegas Review-Journal

WYNN RESORTS HOLDS ANNUAL MEETING

Wynn Resorts shareholders met Tuesday at the Desert Inn for the company's first annual meeting since it went public in late 2002.

Chairman Steve Wynn and Japanese partner and Vice Chairman Kazuo Okada together own more than 62 percent of the company's shares, and a handful of institutional investors own another 33 percent stake.

Shareholders voted to elect Elaine Wynn, Wynn Resorts President Ron Kramer and financier John Moran to the company's board during the meeting in the Palm Tower's lobby.

Wynn told a shareholder who asked to see renderings or models of the $2 billion Le Reve megaresort now under construction that she'd have to be patient.

"This time we've decided to keep our renderings private," Wynn said. "It won't be The Mirage or Bellagio. It will be totally new, and, if we're right, Le Reve will change the course of resort development. So we're keeping our cards close to the vest."

One shareholder asked about rumors that Le Reve would have a lake big enough for a yacht.

"There are no yachts in the water," Wynn said. "Le Reve won't have water big enough to hold anything bigger than a rowboat. But you'll get a kick out of it."

Wynn Resorts shares closed at $17.40 Tuesday, up 10 cents or 0.58 percent.

GAMING WIRE