• It's Coming...

    MARKET EDGES

    Identify global risks and opportunities with essential macro intel using Hedgeye’s Market Edges.

The Macau Metro Monitor, January 12, 2012

WYNN VICE CHAIRMAN SUES TO SEE ACCOUNTS IN DISPUTE OVER SPENDING Bloomberg

WYNN Vice Chairman Kazuo Okada filed a complaint against WYNN in state court in Clark County, Nevada, seeking to force the company to produce spending records.  Okada opposed WYNN's HK$1 billion pledge to the University of Macau Development Foundation in July 2011.  Okada said in a related regulatory filing he is seeking to protect his investments of $380 million in Wynn Resorts dating back to 2000.  

According to the filings, on Nov. 2, Okada sought information regarding the pledge, the use of $30 million one of his companies invested in Wynn in April 2002 and an amendment to a stockholders agreement with Steve Wynn and ex-wife Elaine Wynn that followed the couple’s divorce.  “Not only was the request summarily denied but, shockingly, Wynn Resorts asked for evidence that the $30 million investment had even occurred,” according to the filing.

Okada is also chairman of Universal Entertainment Corp., Wynn’s biggest shareholder.