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mar
14

Wynn Shareholders were the Real Losers in Epic Casino Conflict

Tags: Steve Wynn, Wynn Resorts.
Posted on Wednesday, March 14, 2018 by "T".

The six-year conflict between two casino giants ended with both men being forcibly shoved away from their lucrative careers and seemingly ousted by the very companies they built.

There was a time that casino magnate Steve Wynn and Japanese pachinko king Kazuo Okada joined forces in order to rebuild Wynn's gambling empire, the Wynn Resorts. Their partnership bitterly ended when Okada was ousted from the Wynn board and the company had seized his shares.

While Wynn Resorts board claims that Okada was corrupt and therefore had to be removed, the more probable reason was that Okada had become the biggest shareholder in the company after Steve Wynn's shares were cut into half following the divorce with his wife. Having lost one casino empire, Steve Wynn wasn't going to allow losing another.

Now, Wynn Resorts is writing a check for $2.6 billion to settle a dispute between Okada and Wynn - money that could have been put to better use, such as building a new casino or paying off debt from the recently-opened $4-billion Macau Wynn Palace. Wynn shareholders should be furious about this one.

Steve Wynn stepped down last month after a Wall Street Journal investigative report detailed allegations that would sum up a decades-long pattern of sexual misconduct. The report also claimed that in 2005, Wynn paid a $7.5 million settlement to a manicurist who told the public at the time that the tycoon forced her to have sex with him. Steve Wynn denied the allegations and said it was ‘preposterous'.

Kazuo Okada lost his board position last year at Universal, with the board accusing him of misappropriating $20 million in funds, to which he denied the allegation. Other than that, he was also ousted as director of an investment company in Hong Kong which controls Universal Entertainment, as a result of conflict between family members over control and money.

Both casino moguls were born in 1942 and as they battled each other, unfortunately their own careers went up in smoke. However, the point is, the real losers here are the Wynn's shareholders.

Source:
https://www.reuters.com/article/us-wynn-resorts-litigation-universal-ent/wynn-resorts-to-pay-2-6-billion-to-settle-lawsuit-with-japans-universal-idUSKCN1GL0CW

 


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5 comments for "Wynn Shareholders were the Real Losers in Epic Casino Conflict"

 CALICUL3/14/2018 3:22:01 PM GMT
the worst thing is to set up a company and after a while or few years his employees from the board of directors can exclude him from that group. I understand that they make the decisions there together but company is the property of the excluded men. Very bizarre. Anyway these people deserve to be punished for what they have done.
 godoy3/15/2018 2:47:48 PM GMT
This is a complex thing, because in my opinion it is that the company breeds the company can be excluded from it, but it is because of the fact that it has been explained in this world of love and did
 pajalnick3/15/2018 5:08:18 PM GMT
of course it's terrible when you are the founder of the company and you are taken out of the board of directors .... but if you were proving bribes worth 20 million, then you yourself are to blame for this .... the more they are shareholders and have profit from their shares ... . interesting story
 pochui3/15/2018 8:28:58 PM GMT
well I don't see this as a particularly big problem when you are forced out of a company that you have founded, because for this to happen it must be a situation where you don't own a majority of shares, so at some point you made this move to sell the shares and you knew then that such situation can happen
 Tony_MON7ANA3/18/2018 7:15:19 PM GMT
Feeling groggy after heavy binge drinking at several strip clubs. I stumbled into the Parasol Lounge at Wynn Las Vegas. There were so many Chinese-speaking people on the gaming floor. They were everywhere. I thought Wynn and Encore were owned by Chinese people. Was it 2006? I don't remember when exactly.

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