Wynn Resorts settles with Okada

Gaming entrepreneur Kazuo Okada comes to an agreement with Wynn Resorts.

Macau.- Wynn Resorts has put an end to another controversy, as casino operators have come to an agreement with gaming entrepreneur Kazuo Okada. Under the agreement, Wynn Resorts will pay a total of US$2.4 billion to settle a stock redemption dispute with Okada’s company, Aruze USA Inc.

“The settlement provides for the parties to the agreement to dismiss all litigation between Universal Entertainment and Aruze USA, and Wynn Resorts, its then-directors and executives with respect to the redemption. The settlement agreement also puts an end to claims brought by Universal Entertainment and Aruze USA against Wynn Macau in Macau,” explained Wynn Resorts.

It continued: “Aruze USA, will not consider itself a party to the amended and restated stockholders’ agreement among Universal Entertainment’s subsidiary Aruze USA, Steve Wynn and Elaine P. Wynn, nor will it assert any claims or rights under the stockholders agreement.”

The Aruze USA dispute dates back to 2012, when Mr Okada was ejected from Wynn Resorts’ board after the casino firm claimed he was “unsuitable” and a risk to its licences. At the time Mr Okada was Wynn Resorts’ biggest single shareholder, holding the stake via Aruze USA, a subsidiary of Universal Entertainment.