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Aruze Investment in Wynn Resorts Detailed5 November 2002TOKYO -- Aruze Corp., Japan's biggest maker of pachinko and slot machines, today detailed plans to invest $75 million in Wynn Resorts Ltd., a Las Vegas-based casino developer that last month raised $450 million in a public offering. Aruze will buy 5.6 million shares in Wynn Resorts to raise its stake in the U.S. company to 32.9 percent from 25.4 percent, it said in a statement. The company will pay $72.5 million for the shares and invest $2.5 million to purchase a bond issued by Wynn Resorts, which is building the Le Reve resort on the Las Vegas Strip and a second casino in the Chinese island city of Macau. Developer Steve Wynn will invest the same amount as Aruze, the Japanese company said. It wasn't clear today if the $75 million is part of, or on top of, the $260 million committed to Le Reve by Aruze chief and Wynn partner Kazuo Okada. The $260 million investment was announced by Okada in 2000. |