Wynn gets legal victory over Okada

A Nevada state judge yesterday ruled that Wynn Resorts Ltd. is only obliged to turn over to Japanese businessman Kazuo Okada two pages of the several documents he was requesting access to. Clark County District Court Judge Elizabeth Gonzalez rejected Mr Okada’s request for other documents, which she called “overbroad”, according to several media reports. She didn’t disclose what information Mr Okada was granted access to, but refused to order Wynn Resorts to produce additional documents from before the company went public or documents regarding an amended stockholder agreement that resulted from chief executive officer Steve Wynn’s divorce. Mr Okada in January had filed a lawsuit against Wynn Resorts alleging he was blocked from seeing the company’s financial records after he objected to the donation to the University of Macau. In May last year, Wynn Macau made a commitment to the University of Macau Development Foundation consisting of a US$25 million (MOP200 million) payment made at the time and of additional donations of US$10 million each year from 2012 through 2022 inclusive. After Mr Okada filed the lawsuit, Wynn Resorts says it provided him with around 900 pages of information that is either public information or information he should already have had. Were the judge to issue an order for Wynn to produce more documents, Wynn Resorts lawyers asked that she delay the order for 60 days because Okada may no longer be a director then. Last month, Wynn Resorts already forcibly bought Mr Okada’s 19.7 percent share in the company and is now preparing to vote for his removal from the board.