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Wynn Resorts Ltd. urges changes in how board of directors operates

24 September 2013

LAS VEGAS -- Wynn Resorts, Limited, locked in a legal battle with its former vice chairman and co-founder Kazuo Okada, has suggested several changes to bylaws that govern how the board of directors operates.

Michael Weaver, a spokesman for Wynn Resorts, said in an e-mail that the changes are part of the annual bylaw review “wherein we stay current with best practices.”

He said the changes weren’t “prompted by anything specific.”

The Las Vegas-based gaming company has tightened bylaws governing who may serve on its board or call a meeting. Directors may not be compensated by others for service on the board, according to a regulatory filing.

The changes include new disclosure requirements for investors seeking to make nominations or bring business before shareholders. Such investors must identify people they’re working with, along with any agreements, and certify that they have complied with legal requirements in connection with the purchase of Wynn stock.

The board has designated the Clark County District Court in downtown Las Vegas as the court where disputes will be litigated.

Separately, All American Poker Network, a joint venture between Avenue Capital Group and 888 Holdings Plc, announced Monday that they have formed a partnership agreement with Wynn Interactive LLC.

The partnership will develop and deploy Wynn’s online offering in New Jersey, Nevada and other states as they become regulated.

Financial terms of the deal were not disclosed.

Wynn Interactive is a subsidiary of Las Vegas-based Wynn Resorts Ltd. Wynn will release its brand alongside the brands in the United States.

“The platform and ancillary services AAPN will offer through 888, coupled with Wynn’s marquee brand, which is synonymous with quality and trust, will further establish our offering in the forming U.S.-regulated online gaming market,” David Licht, executive chairman of All American Poker Network, said in a statement.

888 and Avenue Capital Group formed its subsidiary AAPN in March.
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