Wynn’s Cotai project may need more financing
Wynn Resorts also admitted that the company’s profit might drop if former director Kazuo Okada wins a lawsuit challenging the company’s purchase of his shares. Last year, Wynn Resorts decided to forcibly redeem Mr Okada’s 20 percent stake in the company. He was previously the gaming operator’s largest shareholder.
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 Philippine casino regulator Pagcor, breaching U.S. anti-corruption laws. He was allegedly looking to ensure he would be granted one of the four licences to develop a casino resort in Manila, as indeed eventually happened.
Okada is still challenging the forcible buyout. He has meanwhile made a request to a Nevada court, that an escrow account be set up to hold the money payable to him by Wynn Resorts from the forcible buyout, totalling us$ 1.9 billion.
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