Steve Wynn extends his employment with Wynn Resorts

Sep 16, 2008 7:00 PM

The Insider by Ray Poirier | Wynn Resorts Ltd. (WYNN) has advised the Securities and Exchange Commission that it has amended the employment agreement it has with Chairman and CEO Steve Wynn that extends his employment to Oct. 24, 2020.

Aruze, the Japanese gaming machine manufacturer whose owner has a 24% stake in Wynn Resorts Ltd., announced plans to build a $1 billion casino in Manila, capital of the Philippines.

Lyle Berman, chairman and CEO of Lakes Entertainment Inc. (LACO), has exercised options for one million shares at a strike price of $4.1875 each. However, unlike other casino executives who immediately cash in their shares, Berman has elected to hold on to them.

Florida Gov. Charlie Crist’s appeal for a rehearing of the gambling deal he made with the Seminole Indians has been rejected by the Florida Supreme Court.

Harrah’s Entertainment Inc. has hung a "For Sale" sign on the 288-foot catamaran that one housed the Horseshoe Casino in Hammond, Indiana. The boat was replaced by a $500 million version last month.

Richard Duchossois, largest individual shareholder in Churchill Downs Inc. (CHDN) has purchased another 13,504 shares in the company at prices ranging between $43.25 and $45.03.

The Pennsylvania Supreme Court has ruled that the mayor of Philadelphia cannot revoke licenses granted to two casino companies whose plans used riverfront real estate for their gaming properties. However, political pressure may force the two casino licensees to choose other locations.