Okada requests injunction to stop Wynn from ousting him

 

Japanese businessman Kazuo Okada, formerly Wynn’s largest shareholder, has asked a U.S. federal judge for an injunction to stop a special Wynn Resorts Ltd shareholders’ meeting, scheduled for February 22, at which they will vote to remove him as a company director.  Okada also raised questions about the manner in which Wynn Macau Ltd, a subsidiary of Wynn Resorts, secured a piece of land in Cotai.  The company made a one-time, USD $50 million payment to Macau-incorporated Tien Chiao Entertainment and Investment Company Ltd for it to relinquish its rights to any development on the Cotai land.  Mr Okada questions why the payment was needed.