Phil Satre

Satre will take over as chairman of the Las Vegas-based casino operator following the retirement later this year of D. Boone Wayson, Wynn Resorts said in a statement Monday. Under the agreement with Elaine Wynn, who owns just under 9 percent of the stock, she won't significantly increase her stake, nominate more directors, or join groups seeking a takeover until 2020. She'll be reimbursed for as much as $5 million in expenses she incurred to launch a proxy fight earlier this year and negotiate the agreement.

Satre helped build Harrah's, now known as Caesars Entertainment Corp., from a regional player into the largest owner of casinos in the U.S. He currently serves as chairman of retailer Nordstrom Inc. and slot machine maker International Game Technology Plc.