Macau Regulator Says It Starts Investigation in Wynn-Okada Case
Macau’s gambling regulator comments on the case involving Japanese billionaire Kazuo Okada who is accused by Wynn Resorts Ltd. (WYNN) of making improper payments to Philippine regulators.
The following is a reformatted statement from Macau’s Gaming Inspection and Coordination Bureau in response to questions from Bloomberg news.
“According to our legal framework we have started the procedures of an investigation on the case that Okada versus Wynn.
‘‘As you may imagine the procedures that have been done and till the present moment it is subject to Macau Secrecy Act, and on this perspective we are not able to disclose much details on the case.
‘‘Nevertheless, we would like to highlight that Mr. Okada was not a direct shareholder of Wynn Macau, which holds a casino license in Macau, but an indirect shareholder through Universal Entertainment Corp. (6425) and Aruze USA, a director of Wynn Resorts Ltd., a public company listed in Nasdaq and a director of Wynn Resorts Macau, a company listed in the Hong Kong Stock Exchange of which Wynn Resorts owns a major interest.
‘‘At the present moment Mr. Okada has been removed from all positions as described above.
‘‘A final decision and appreciation on the subject would be taken as soon as the investigation is secure about all the relevant information and documentation according to Macau laws and regulations.’’
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