Wynn Resorts Ltd. scheduled a special Feb. 22 shareholder meeting to vote on the proposed ouster of Kazuo Okada, once the casino company’s largest investor, from the board of directors.
The executive committee of Wynn’s board believes Okada has not been acting in the best interests of the company and its shareholders, according to a regulatory filing today. The Las Vegas-based resort and casino operator has been locked in legal disputes with Okada since January 2012, according to the filing.
Wynn Resorts directors, with the exception of Okada, voted last February to declare him “unsuitable” after a year-long company probe concluded he gave cash and gifts totaling $110,000 to foreign gaming regulators, the filing said. The company seized Okada’s 24.5 million shares at a 30 percent discount to market value.
Okada has said he did nothing wrong and sued Wynn Resorts in the U.S. and Japan.
The Nevada Gaming Control Board is investigating Wynn Resorts’ claims as well as later reports that Okada’s Universal Entertainment Corp. made $40 million in payments to a consultant to Philippine casino regulators, the company said in the filing. Universal called the reports a “misrecognition of the facts.”
Wynn rose 2.4 percent to $120.91 at 12:31 p.m. in New York after gaining 5 percent yesterday. The shares advanced 1.8 percent last year.