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Best of Chris Sieroty

Gaming Guru

Chris Sieroty
 

Wynn Resorts board removes Okada

24 February 2012

LAS VEGAS, Nevada -- Wynn Resorts Ltd. CEO Steve Wynn has ousted former business partner Kazuo Okada from the board of Wynn Macau casino.

A board decision to remove Okada was effective immediately, the company said today in a filing with the Hong Kong stock exchange.

"The board considered the information disclosed by Wynn Resorts Ltd. concerning the independent report commissioned by the Compliance Committee of Wynn Resorts Ltd.," the nine-member Wynn Macau board of directors said in a statement.

"After due consideration of the independent report, taking into account the company's high ethical standards, the board determined that it was obligated to remove Mr. Okada, his employees and associates detailed in the independent report. Accordingly, the board resolved to remove Mr. Okada as a non-executive director of the company."

Okada was the largest shareholder in Wynn Macau's parent company, Las Vegas-based Wynn Resorts, but the company on Saturday forcibly redeemed Okada's nearly 20 percent stake .

Wynn Resorts filed a lawsuit against Okada after an internal investigation by former FBI Director Louis Freeh revealed Okada made cash payments and gifts to Philippine gaming regulators in violation of U.S. anti-corruption laws.

Okada, chairman of the gaming firm Universal Entertainment Corp., remains a board member of Wynn Resorts, because the company can't remove the Japanese businessman without first convening a special shareholders meeting.