CasinoCityTimes.com

Gurus
News
Newsletter
Author Home Author Archives Author Books Search Articles Subscribe
Stay informed with the
NEW Casino City Times newsletter!
Newsletter Signup
Stay informed with the
NEW Casino City Times newsletter!
Recent Articles
Best of Chris Sieroty

Gaming Guru

Chris Sieroty
 

Kazuo Okada nominates two candidates for Wynn Resorts board

7 September 2012

LAS VEGAS -- Wynn Resorts Las Vegas co-founder and director Kazuo Okada has identified two of his proposed independent nominees for the Las Vegas-based casino company's board, to be considered at the Wynn Resorts annual meeting in November.

The Okada nominees, identified in a Securities and Exchange Commission filing late Wednesday, are Jonathan Macey, a Yale Law School professor who specializes in corporate and securities law; and accountant Fredric Reynolds.

Okada's filing said each nominee will be paid $50,000 one time for agreeing to be nominated. Wynn Resorts will hold its annual shareholder meeting Nov. 2 in Las Vegas.

Aruze USA is a subsidiary of Universal Entertainment Corp. It's unclear whether Okada still maintains the right to nominate board members.

Okada's shares, valued at $2.9 billion, were redeemed in February after an internal investigation alleged he gave more than $100,000 in payments and gifts to regulators in the Philippines and their families.

The Japanese billionaire filed a lawsuit in January against Wynn Resorts for blocking access to financial documents related to a $135 million donation by the company to the University of Macau Development Foundation.

Wynn Resorts shares rose $1.94, or 1.95 percent, Thursday to close at $101.55 on the Nasdaq Global Select Market.