Japanese businessman Kazuo Okada yesterday filed a countersuit in a U.S. federal court in Nevada against Wynn Resorts Ltd. chairman Steve Wynn and other company executives and directors, after the company forcible bought his 19.7 percent stake in the gaming operator at a US$800 million (MOP6.4 billion) discount. Mr Okada is seeking a court order voiding the redemption of his shares decided by Wynn Resort’s board last month, and unspecified compensatory and punitive damages. “The entire process was tainted by the desire to serve Mr Wynn’s pretextual goals of removing Aruze USA, [Mr. Okada’s company], as the largest single shareholder of the company, silencing Mr Okada and consolidating and maintaining Mr Wynn’s control over Wynn Resorts,” the lawsuit states. It adds Mr Wynn “has run Wynn Resorts as a personal fiefdom, packing the board with friends who will do his personal bidding.” Wynn Resorts’ decision to forcibly buyout Mr Okada came after a year-long internal investigation that concluded that the Japanese businessman allegedly offered cash payments and gifts totalling approximately US$110,000 to executives at the Philippines Amusement and Gaming Corporation (Pagcor), breaching U.S. anti-corruption laws. Mr Okada was awarded a license in 2008 to operate a casino in the future Entertainment City Manila, a move which Mr Wynn opposed, saying the property would be in direct competition with Wynn Resorts’ interests in Macau. Wynn Resorts is the parent company of Wynn Macau Ltd.
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