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Wynn Resorts shareholders reject executive compensation plan

Shareholders of Wynn Resorts Ltd. rebuffed the executive compensation plan proposed by the company at the annual shareholder meeting held May 16.

According to a May 22 regulatory filing, 13,972,222 votes were in favor of approving the compensation proposal, but there were 55,926,886 votes against it.

The shareholders also approved the election of Betsy Atkins and Patricia Mulroy as directors amid pressure from Elaine Wynn, the company's largest shareholder, to overhaul the company's board.

Atkins and Mulroy, along with John Hagenbuch, were Wynn Resorts' three independent director nominees. Hagenbuch decided not to stand for re-election following calls from Elaine Wynn to withhold votes for him, saying he "jeopardizes the company's professed desire for a 'New Wynn.'"

Meanwhile, the shareholders also ratified the appointment of Ernst & Young LLP as the company's independent registered public accounting firm for the fiscal year ending Dec. 31.