Wynn Resorts rejects Kazuo Okada’s board of directors nominees
Wynn Resorts Ltd. on Tuesday described Kazuo Okada's letter to shareholders and his attempt to nominate two board members a "regrettable attempt to divert attention" from the issues he and his company, Aruze USA Inc., are facing.
"Given the fact that Aruze was ejected seven months ago as a Wynn shareholder based on conduct unacceptable for a gaming license, it has absolutely no rights as a shareholder to nominate directors and its invalid nominations have been rejected on this basis," the Las Vegas-based gaming company said in a statement.
Okada nominated Yale Law School professor Jonathan Macey and Fredric Reynolds, former exec at CBS Corp., for seats on the board. Wynn Resorts forcibly redeemed Okada's 20 percent stake in the company in February for $1.9 billion, an $800 million discount.
"Aruze has not been a stockholder of Wynn Resorts Ltd. since Feb. 18 when its shares were redeemed by the Wynn Board after a lengthy, third-party investigation, uncovered prima facie evidence of improper conduct under the Foreign Corrupt Practices Act, by Mr. Okada, Universal Entertainment and Aruze in their dealing with Philippine officials."
