Waddell & Reed Financial holds 18 % of the common stock
US company now Wynn Resorts’ biggest shareholder
2012-05-08
Reading time 31 seg
(US).- .US-based asset management firm Waddell & Reed Financial holds 18 % of the common stock for Wynn Resorts. According to Business Daily quoting company filings, this now makes the financial institution the firm’s biggest single shareholder, after Wynn forcibly bought out Japanese businessman and the former biggest shareholder Kazuo Okada.
But 40.7 percent of Wynn Resorts’ shares are still held by parties linked to the company chairman Steve Wynn, according to the report. In February this year, Wynn Resorts forcibly bought out the 19.7 percent of Wynn Resorts shares held by Okada.
Wynn Resorts’ decision 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.
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