Wynn Resorts Embattled in Lawsuit With Former Shareholder
Wynn Resorts, Ltd. and its once-largest stockholder are involved in an ongoing lawsuit over shares which Wynn forcibly redeemed earlier this year. Stephen Wynn and Japanese gambling magnate Kazura Okada, once close friends and colleagues, are each attempting to gain control of Okada's former 20 percent share. The dispute arose when Okada became involved in a casino deal in the Philippines. Wynn felt this would compete with his Macau casinos and refused to participate in the development.
Wynn owns the Bellagio and Mirage Casino and Resort Hotels, while Okada made his ...