On August 6, 2018, Elaine P. Wynn announced that on August 3, 2018 she has entered into a cooperation agreement with the Wynn Resorts, Limited regarding the composition of the Board and certain other matters. Elaine P. Wynn stated that the cooperation agreement provides that, concurrent with the execution of the cooperation agreement, the Company will increase the size of the Board and appoint Philip G. Satre as a Class I director and Vice Chair of the Board. D. Boone Wayson, current board chairman, also announced he will be stepping down as chairman at the end of this year, but will continue to serve as a board member. Further, Elaine P. Wynn stated that the Board of Directors plans to appoint Philip G. Satre to succeed D. Boone Wayson as Chairman of the Board.