Quantcast

Wynn Resorts sets vote to oust Okada from board

Kazuo Okada (left) and Steve Wynn during happier days. Wynn Resorts called on shareholders Monday, Feb. 4, 2013, to eject the Japanese tycoon from the Wynn board of directors in a special vote scheduled on Feb. 22. AP FILE PHOTO

WASHINGTON—Gaming giant Wynn Resorts called on shareholders Monday to eject Japanese tycoon Kazuo Okada from the Wynn board of directors in a special vote scheduled on Feb. 22.

Wynn Resorts recalled that its board had previously deemed Okada “unsuitable” after a lengthy investigation found evidence that Okada and his partners violated anti-corruption laws in their dealings with Philippine officials.

“We are confident our shareholders understand the importance of removing him on February 22,” the Las Vegas-based company said in a statement.

Wynn, meanwhile, said the Nevada Gaming Control Board had deemed “unfounded” Okada’s claim that Wynn Macau Ltd.’s $135-million donation to the University of Macau was improper.

The chairman of the NGCB, A.G. Burnett, told AFP that an “extensive” probe of Okada’s allegations revealed “there are no Nevada regulatory violations.”

In March 2012, Okada, formerly a close partner of Wynn founder Steve Wynn and a major Wynn Resorts shareholder, questioned the company’s use of tens millions of dollars in pursuit of a gaming license in Macau.

He also accused Wynn Resorts’s board of directors of not being objective or independent.

But on Monday the US casino operator said it had made progress in combating what it called Okada’s “ongoing smear campaign.”

Wynn Resorts said it had gained the support of a leading proxy firm, Institutional Shareholder Services, for the removal of Okada at the Feb. 22 vote.

The company also said the federal court of Nevada had approved its request for dismissal of a shareholder complaint that was based on Okada’s allegations because of an “insufficient legal basis.”

But Wynn Resorts would not comment on whether the company was still under investigation by the US Securities and Exchange Commission over its Macau activities.

In February 2012, Wynn Resorts revealed in an SEC filing that the SEC had opened an “informal inquiry” related to the University of Macau donation.

Contacted by AFP Monday, the SEC as a matter of policy would not confirm or deny the existence of an investigation.

Last year Okada, head of Universal Entertainment, accused Steve Wynn and his allies on the board of forcing him out as a director and major shareholder “to enrich themselves.”


Follow Us







Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

  • wawa2172

    “Wynn Resorts recalled that its board had previously deemed Okada
    “unsuitable” after a lengthy investigation found evidence that Okada and
    his partners violated anti-corruption laws in their dealings with
    Philippine officials.”

    Well here it is,  Okada clearly dealt with Philippine government officials particularly the Pagcor chiefs of PGMA and PNoy. Guinino is facing plunder and Naguiat, a classmate of PNoy have extensive dealings with Okada and had a VIP family accommodation at Macau Wynn Resort’s. Naguiat is one of PNoy controversial official whose considered untouchable being his K or Klasmeyt in Ateneo. Philippine still have high corruption index and Pagcor dealing with Okasda is a high stake contributor to it.



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement
Marketplace