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Wynn Resorts Settles With Elaine Wynn, Names Phil Satre Vice Chairman

  • Co-founder agrees not to raise stake or seek takeover in deal
  • Satre will become vice chair before replacing Wayson later on
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Photographer: Paul Yeung/Bloomberg
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Wynn Resorts Ltd. tapped former Harrah’s Chief Executive Officer Phil Satre to become the casino company’s next chairman as part of a settlement with its largest shareholder, Elaine Wynn.

Satre will begin as vice chairman of Wynn Resorts, which is trying to restore its reputation after a sexual-harassment scandal involving its former CEO. He’ll take the chairman role after the retirement later this year of D. Boone Wayson, the casino operator said on Monday.