Wynn Resorts Ltd., the casino company controlled by Chairman Stephen Wynn, sought to remove Japanese billionaire Kazuo Okada from its board, the latest volley in a feud between the two former partners.
Stephen Wynn stepped off his private jet at Manila airport in June 2010 to be greeted by the Philippines gaming regulator. On the tarmac too, in black wraparound sunglasses and trademark 1950s-style slicked-back hair, was Japanese slot-machine billionaire Kazuo Okada.
Lawyers for Kazuo Okada, the Japanese billionaire Wynn Resorts Ltd. is trying to remove from its board, are scheduled to return to a Nevada court in October to argue for access to the casino operator’s books.
Japanese billionaire Kazuo Okada’s Universal Entertainment Corp. said it will take legal action after Wynn Resorts Ltd. forcibly redeemed Universal’s stake at a 31 percent discount and accused Okada of improper payments.
Wynn Resorts Ltd. accused Japanese billionaire Kazuo Okada of putting up a Philippines gaming regulator in a $6,000-a-day suite in Macau as part of a series of payments that the company said appear to have violated U.S. anti-bribery law.
Kazuo Okada’s renewed request for Wynn Resorts Ltd.’s books and records was delayed by a Nevada state court judge until the casino operator’s lawyers have a chance to question the Japanese billionaire about his request.