Billionaire Okada resigns from Wynn board
More News from Associated Press
LAS VEGAS—Wynn Resorts Ltd. says Kazuo Okada has resigned from its board, potentially ending a long-running dispute between CEO Steve Wynn and the Japanese billionaire.
Okada was once the largest shareholder in Wynn Resorts, but the company forcibly bought back his stake.
The casino operator alleges Okada acted improperly in dealings with Philippine officials. Okada says the CEO seeks to push him out and increase his own control of the company.
The two men have traded accusations of unethical or illegal conduct during an extended legal battle between one-time friends that has become increasingly personal and public.
A shareholder meeting will be held Friday to vote on a proposal to remove Okada from the board. The company expects it will pass. Subsequently, the board would be reduced to eight directors.
Get Inquirer updates while on the go, add us on these apps:
Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of INQUIRER.net. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.
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