UPDATE 1-Wynn Resorts settles with Elaine Wynn, names Phil Satre vice-chairman

vice-chairman@ (Adds details on settlement, background)

Aug 6 (Reuters) - Wynn Resorts Ltd on Monday named Phil Satre vice chairman as part of a settlement reached with the casino operator's co-founder and largest shareholder, Elaine Wynn, who had been pushing to reorganize the board.

The company said she will not propose any additional directors or seek to accelerate the timeline for the appointment of Satre as chairman for a specific period.

The move is a symbolic win for Elaine Wynn. She will be reimbursed for an amount of up to $5 million, for out-of-pocket expenses related to the 2018 annual meeting and negotiations, the company said.

"This appointment is the result of a collaborative effort with co-founder Elaine Wynn, which I believe will serve as the beginning of a constructive and unified effort by all parties to move the company forward," current board chairman D. Boone Wayson said. Satre will also succeed Wayson as chairman.

Satre is a gaming-industry veteran, with more than 25 years under his belt. He previously held the role of chief executive officer of Harrah's Entertainment Inc.

The settlement comes after the company said in May, that John Hagenbuch will not stand for re-election to the board, after Elaine Wynn who was in a proxy fight with the board, had asked shareholders to vote against Hagenbuch's re-election.

In 2015, Elaine Wynn launched, and lost, a proxy fight, and at the time, independent directors chose not to nominate her for re-election to the board.

Steve Wynn, the former chief executive officer of the company, and ex-wife Elaine had been embroiled in a battle for control of the company following a bitter divorce.

Steve Wynn disposed his entire 11.8 percent stake in the firm in March after he resigned following claims he subjected women who worked for him to unwanted advances. (Reporting by Sanjana Shivdas in Bengaluru; Editing by Shailesh Kuber, Bernard Orr)