• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Wynn Resorts seeks court overturn re Okada documents

Feb 07, 2017 Newsdesk Latest News, Top of the deck, World  


Wynn Resorts seeks court overturn re Okada documents

Wynn Resorts Ltd has asked the Nevada Supreme Court to overturn judicial orders requiring it to pass some company documents to Japanese gaming entrepreneur Kazuo Okada (pictured), reports the Las Vegas Review-Journal newspaper.

The material is said to relate to Mr Okada’s ousting in 2012 as a shareholder and director of Wynn Resorts, a company founded by Steve Wynn.

The news outlet reported on Monday that one District Court order required Wynn Resorts to turn over material related to the creation of the Freeh Report. The latter was an analysis by Louis Freeh – a former director of the Federal Bureau of Investigation in the U.S. – that concluded Mr Okada was “unsuitable” to be a Wynn Resorts director and a threat to the firm’s gaming licences. This was on the basis of Mr Okada allegedly providing gifts to what were then senior officials of the Philippine casino regulator, the Philippine Amusement and Gaming Corp.

Mr Okada has denied any wrongdoing, and has since won the right to develop his own gaming resort – Okada Manila – in that country. The Japanese entrepreneur claims his ousting from the Wynn Resorts board was due to him becoming the biggest single shareholder of the firm after Mr Wynn saw his own stake reduced following a divorce.

The other Nevada court order reportedly requires communications between the Brownstein Hyatt law firm and Wynn Resorts shareholders to be turned over to Mr Okada’s side, according to the Review-Journal.

Lawyers for Wynn Resorts said that were the firm compelled to provide the information it would be a major blow to Nevada’s “business judgement” rule that presumes directors of companies are acting in good faith.

Attorneys for Mr Okada’s side said their opponents had manufactured the idea that a principle was at stake; the issue was simply one of evidence discovery.

In 2012 Wynn Resorts’ board voted to cancel Mr Okada’s 20 percent stake amounting to 24.5 million shares and issue him with a promissory note for US$1.9 billion. The note was in effect a 30 percent discount on the then US$2.77 billion valuation of his stake, held through his company Universal Entertainment Corp.


  • tweet
Related articles
  • U.S. says Steve Wynn ‘foreign agent’, lobbied for China
    U.S. says Steve Wynn ‘foreign...

    May 18, 2022  

  • Order to restore Kazuo Okada unclear, vague: Tiger Resort
    Order to restore Kazuo Okada unclear,...

    May 18, 2022  

More news
  • New Lim cruise biz only months after GEN HK in liquidation
    New Lim cruise biz only months after...

    May 18, 2022  

  • Kangwon drove 2021 S.Korea casino revenue growth: govt
    Kangwon drove 2021 S.Korea casino...

    May 18, 2022  


Latest News

New Lim cruise biz only months after GEN HK in liquidation

New Lim cruise biz only months after GEN HK in liquidation

May 18, 2022  

A casino cruise brand reportedly controlled by Malaysian entrepreneur Lim Kok Thay is to launch services from Singapore fewer than five months after the Lim family-founded Dream Cruises brand of the...
Read More
Kangwon drove 2021 S.Korea casino revenue growth: govt

Kangwon drove 2021 S.Korea casino revenue growth: govt

May 18, 2022  

Over 7.9mln Bloomberry shares vested to some senior execs

Over 7.9mln Bloomberry shares vested to some senior execs

May 18, 2022  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day


US$10 billion

Target set by gaming equipment and online content provider Light & Wonder for total capital creation from 2022 to 2025



Most Popular

  • Wynn CEO, Macau execs in base pay cut in return for sharesWynn CEO, Macau execs in base pay cut in return for shares May 17, 2022
  • Macau repeat visitors denied visa by China says BernsteinMacau repeat visitors denied visa by China says Bernstein May 16, 2022
  • U.S. says Steve Wynn ‘foreign agent’, lobbied for ChinaU.S. says Steve Wynn ‘foreign agent’, lobbied for China May 18, 2022
  • Alleged bribe offer to ex-Wynn manager probed by HK, MacauAlleged bribe offer to ex-Wynn manager probed by HK, Macau May 17, 2022
Copyright 2014-2022 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us