NEW YORK (TheStreet) -- Wynn Resorts (WYNN) - Get Report shares are down 1.24% to $125.50 in trading on Monday as the messy battle over the ouster of former company board member Elaine Wynn entered a new phase after Wynn sent a letter to shareholders urging them to take no action on the company's proxy card for board additions and instead wait for another "Gold proxy card" to be issued at the company's annual shareholder meeting.

Wynn Resorts has been attempting to block Elaine Wynn from its board after 12 years of serving on the board when her term expires at the company's next annual shareholder's meeting on April 24. Elaine Wynn is the third largest shareholder in the company and the former wife of CEO Steve Wynn.

"I strongly urge you NOT to vote any proxy card sent to you by Wynn Resorts, and to wait for my proxy materials and the GOLD proxy card... I have served tirelessly on your behalf for the past 13 years as a director and co-founder of Wynn Resorts. The board recently took action to shrink the size of the board by one director and thereby exclude me from the board despite my immense industry knowledge and expertise, and my role building and promoting the Wynn business and brand through the years. This action was without merit and therefore, I have decided to file my nomination and seek your vote for my re-election to the board," said Elaine Wynn in today's letter to investors. 

TheStreet Ratings team rates WYNN RESORTS LTD as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

"We rate WYNN RESORTS LTD (WYNN) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. Among the primary strengths of the company is its expanding profit margins over time. At the same time, however, we also find weaknesses including unimpressive growth in net income, weak operating cash flow and feeble growth in the company's earnings per share."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

• 38.51% is the gross profit margin for WYNN RESORTS LTD which we consider to be strong. Regardless of WYNN's high profit margin, it has managed to decrease from the same period last year. Despite the mixed results of the gross profit margin, the net profit margin of 9.60% trails the industry average.
• WYNN, with its decline in revenue, underperformed when compared the industry average of 7.5%. Since the same quarter one year prior, revenues fell by 25.1%. Weakness in the company's revenue seems to have hurt the bottom line, decreasing earnings per share.
• Despite any intermediate fluctuations, we have only bad news to report on this stock's performance over the last year: it has tumbled by 47.27%, worse than the S&P 500's performance. Consistent with the plunge in the stock price, the company's earnings per share are down 49.04% compared to the year-earlier quarter. Naturally, the overall market trend is bound to be a significant factor. However, in one sense, the stock's sharp decline last year is a positive for future investors, making it cheaper (in proportion to its earnings over the past year) than most other stocks in its industry. But due to other concerns, we feel the stock is still not a good buy right now.
• The company, on the basis of change in net income from the same quarter one year ago, has significantly underperformed when compared to that of the S&P 500 and the Hotels, Restaurants & Leisure industry. The net income has significantly decreased by 48.9% when compared to the same quarter one year ago, falling from $213.88 million to $109.35 million.
• Net operating cash flow has significantly decreased to $124.19 million or 68.58% when compared to the same quarter last year. In addition, when comparing to the industry average, the firm's growth rate is much lower.
• You can view the full analysis from the report here: WYNN Ratings Report