Casino mogul Steve Wynn faces brutal battle with ex-wife over control of her casino stock

A battle of billionaires is brewing on the Las Vegas Strip, with casino mogul Steve Wynn’s ex-wife alleging boardroom recklessness as she asks a court to give her control of company stock that she left in his hands five years ago.

Elaine Wynn filed court documents Monday seeking access to more than US$900 million worth of stock and providing an inside glimpse at her ex-husband’s dealings with Kazuo Okada, a former business partner with whom Wynn Resorts Ltd has waged a legal battle since 2012.

“Ms Wynn raises these issues reluctantly,” the court filing said.

The documents fault Steve Wynn for fostering a “tone at the top” that has punished Elaine Wynn for making inquiries as a top stockholder and board member before her ouster last year.

“He has engaged in reckless, risk-taking behaviour, leaving himself vulnerable to allegations of serious wrongdoing,” the filing said.

Steve Wynn responded with a statement deriding the 68-page court filing as “unbecoming of a longtime director, significant shareholder and mother.” He called it the product of a “disappointed ex-wife” seeking to tarnish his reputation and that of the publicly traded company.

“This lawsuit is filled with lies and distortions and is an embarrassment to Ms Wynn and her counsel,” the statement said. “This is simply an attempt to inflict personal pain on Mr Wynn.”