Former CEO of Harrah’s to become Wynn’s board chairman

In this 2011 photo, Phil Satre, NV Energy chairman and former chairman of Harrah’s Entertainment, accepts an award, after being inducted into the Nevada Business Hall of Fame during a ceremony at the Mirage.

Wynn Resorts announced additional changes to its board of directors on Monday as part of the latest restructuring since sexual misconduct allegations against the company's founder surfaced earlier this year.

The appointment of industry veteran Phil Satre as vice chairman of the company's board is among ongoing changes that include an expanded board that includes more women.

Satre will become the board's chairman when D. Boone Wayson steps down from that role by Dec. 31. Satre was the longtime chairman and CEO of Harrah's Entertainment. Most recently, he was chairman of the board of IGT, which manufactures slot machines and other casino equipment.

The arrangement is spelled out in a settlement between the company and Elaine Wynn, who became the largest shareholder after her ex-husband, Steve Wynn, sold his shares following his resignation as chairman and CEO amid sexual misconduct allegations that he has denied.

The Wall Street Journal reported that several women said he harassed or assaulted them and that one case led to a $7.5 million settlement.

Wynn has filed a defamation lawsuit against The Associated Press for its reporting on a separate allegation made to police.

"The addition of someone of Phil's caliber and experience is a significant step forward for Wynn Resorts as we turn the page on the last six months," Wayson said in a statement. He said the appointment is the result of a collaborative effort with Elaine Wynn, "which I believe will serve as the beginning of a constructive and unified effort by all parties to move the Company forward."

The agreement with Elaine Wynn limits the amount of pressure she can put on the company until 2020 or when Satre departs as chairman, whichever comes first. It limits her from nominating directors to the board and sets a cap on her stake in the company at 9.9 percent, among other restrictions.

Meanwhile, the company has agreed to reimburse her up to $5 million she spent in a proxy battle earlier this year.

She said in a statement released by the company that she has long respected Satre's leadership in the industry and was confident that the changes made by management would bring "tremendous success in the years to come."