Wynn Says Okada Fight Over Share Purchase May Reduce Profit
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Wynn Resorts Ltd., the casino operator run by billionaire Steve Wynn, said profit may be reduced if former director Kazuo Okada wins a lawsuit challenging the company’s purchase of his shares.
Okada, the Japanese billionaire who helped found Wynn Resorts, resigned before a shareholder vote he was certain to lose, the company said last month. Okada, chairman of pachinko machine maker Universal Entertainment Corp., said he will continue his fight with Wynn, the company’s chief executive officer, to recover his stock in the Las Vegas-based company. He is also demanding unspecified damages.