Bloomberg News

Wynn Director Okada Seeks to Block Meeting to Oust Him

January 26, 2013

Kazuo Okada asked a federal judge to block a special Wynn Resorts Ltd. (WYNN:US) shareholders’ meeting scheduled for Feb. 22 at which they are to vote on a proposal to remove him from the board.

The Jan. 24 filing in Las Vegas federal court came after the Japanese billionaire lost a bid in Nevada state court Jan. 15 to dismiss a lawsuit by the casino operator. Wynn sought in that case to remove him as a director after forcibly redeeming his 20 percent stake in the company last year.

The special meeting next month is part of “a calculated effort” by Chief Executive Officer Steve Wynn “to reconsolidate power in his hands” after criticism of Wynn’s efforts to open a new gaming house in Macau, China, Okada alleged in court papers.

Wynn contends Okada and his associates made payments to Philippine gaming officials in violation of U.S. anti-bribery laws. Okada has said his actions were not illegal.

The case is Okada v. Wynn Resorts, 13-CV-136, U.S. District Court, District of Nevada (Las Vegas).

To contact the reporter on this story: Phil Milford in Wilmington, Delaware, at pmilford@bloomberg.net.

To contact the editor responsible for this story: Michael Hytha at mhytha@bloomberg.net.


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Companies Mentioned

  • WYNN
    (Wynn Resorts Ltd)
    • $192.88 USD
    • -3.91
    • -2.03%
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