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.