Billionaire Okada resigns from Wynn board

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03:35 PM February 22nd, 2013

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February 22nd, 2013 03:35 PM

Kazuo Okada and Steve Wynn. AP FILE PHOTO

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.

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