Wynn Resorts Shrinks Board; Seeks Vote on Okada - 8 News NOW

Wynn Resorts Shrinks Board; Seeks Vote on Okada

Posted: Updated:

LAS VEGAS (AP) -- Wynn Resorts Ltd. is seeking shareholder approval to remove Japanese billionaire Kazuo Okada from its board.

The casino operator said Thursday it's calling a special meeting of shareholders to vote on the removal of Okada over improper conduct. It's part of an ongoing battle between former friends and business partners Okada and company CEO Steve Wynn.

Okada used to be Wynn Resorts' single largest shareholder but the company tried to forcibly buy back his shares after it said it found that Okada made improper payments to overseas gambling regulators. The two have traded accusations of unethical or illegal conduct during the extended legal, and seemingly personal, dispute.

Wynn said its board has already deemed Okada unsuitable.

Representatives for Okada's companies couldn't be reached for comment on behalf of Okada on Thursday.

Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and KLAS. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.