Universal Entertainment Says It Sued Wynn in Tokyo Court
Stock Chart for Wynn Resorts Ltd (WYNN)
The pachinko company is seeking 11.2 billion yen ($142 million) in damages through a lawsuit filed in Tokyo District Court on Aug. 28, it said in a stock exchange statement today. Wynn Resorts sued Okada on Feb. 19, saying he breached his fiduciary duty by making improper payments to gaming regulators in the Philippines.
The Feb. 19 statement defamed Universal Entertainment and caused it damage, the Japanese company claims in its latest lawsuit. The legal filing is the latest development in an escalating courtroom battle between Okada and the U.S. casino operator’s Chief Executive Officer Stephen Wynn.
Okada held the largest single stake in Wynn Resorts through his Tokyo-based Universal Entertainment until February, when his 20 percent stake in the Las Vegas-based company was forcibly redeemed after the casino operator said he was “unsuitable.”
A phone call made to Deanna Pettit, a spokeswoman for Wynn Resorts, was not answered outside normal working hours in the U.S.
Pachinko involves mechanical games similar to slot machines.
The filing couldn’t be immediately confirmed in court records.
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