Japanese billionaire Kazuo Okada, saying Wynn Resorts Ltd. is run by Chairman Steve Wynn as a “personal fiefdom,” is challenging the redemption of his own 20 percent stake in the company at an $800 million discount.
Aruze USA, through which Okada invested in Wynn Resorts, disputes that any redemption occurred because Wynn is legally barred from redeeming the securities, lawyers for Okada and the holding company said in a counterclaim filed yesterday in federal court in Las Vegas.
