Kai Haakon E. Liekefett
Sidley Austin LLP
787 Seventh Avenue
New York, NY 10019
(212) 839-5300
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James Cole
Sidley Austin LLP
1501 K Street NW
Washington, DC 20005
(202) 736-8000
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SCHEDULE 13D
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CUSIP NO. 983134107
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Page 2 of 5 Pages
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1
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NAMES OF REPORTING PERSONS
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ELAINE P. WYNN
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
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(a)
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☐
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(b)
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☒
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3
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SEC USE ONLY
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4
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SOURCE OF FUNDS (SEE INSTRUCTIONS)
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N/A
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5
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)
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☐
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6
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CITIZENSHIP OR PLACE OF ORGANIZATION
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United States of America
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
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7
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SOLE VOTING POWER
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9,539,077
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8
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SHARED VOTING POWER
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0
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9
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SOLE DISPOSITIVE POWER
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9,539,077
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10
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SHARED DISPOSITIVE POWER
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0
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11
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
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9,539,077
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12
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
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13
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
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9.25%
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14
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
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IN
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SCHEDULE 13D
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Page 3 of 5 Pages
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Item 4.
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Purpose of Transaction
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SCHEDULE 13D
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Page 4 of 5 Pages
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Item 6. |
Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.
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Item 7. |
Material to be Filed as Exhibits.
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Exhibit 13
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Letter from Ms. Wynn to the Board dated April 17, 2018
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Exhibit 14
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Form of Settlement Agreement and Mutual Release by and between the Company, Mr. Wynn, Ms. Wynn and Ms. Sinatra dated April 16, 2018
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SCHEDULE 13D
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Page 5 of 5 Pages
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ELAINE P. WYNN | ||
/s/ Elaine P. Wynn | ||
Elaine P. Wynn
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§ |
The board reopen the window during which shareholders can nominate directors and propose other business at the upcoming annual meeting. I believe that a responsible and independent board would do so, given the profound change in circumstances since the nominating window closed. The window should be re-opened for a sufficient period of time — at least 60 days — to allow a fully vetted nomination process to occur.
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§ |
The board take steps that would allow for a majority of the board to be comprised of new directors effective at the 2018 annual meeting. I see at least two possible paths to achieving this outcome. The first would be to declassify the board. The second would be for the board to vote to increase its size such that the newly elected directors would constitute a majority of the board. The board would also take such further steps as would be required to mitigate any effects of any implicated change of control provisions.
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