Steve Wynn Wins Dismissal of Investor Suit Over Macau Gift
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Billionaire Steve Wynn and other directors of Wynn Resorts Ltd. won dismissal of a shareholder lawsuit alleging a $135 million donation to the University of Macau breached fiduciary duties and wasted company assets.
The accusations by a Louisiana police retirement fund resembled those of Wynn Resorts director Kazuo Okada, who sued the casino operator over the gift in January 2012. The 2011 donation burdened Wynn Resorts with costs to fight government investigations and potential penalties and fines, while a later buyback of Okada’s stock wasted assets by saddling the company with a $1.9 billion promissory note, the pension fund said.