Wynn Resorts Statement Regarding Court’s Dismissal of Okada’s Motion to Enjoin Shareholder Meeting
Wynn Resorts, Limited (Nasdaq: WYNN) issued the following statement
regarding today’s decision by the U.S. District Court for the District
of Nevada to dismiss a motion filed by Kazuo Okada to enjoin the
company’s Special Meeting on February 22 at which shareholders will vote
on a proposal to remove Mr. Okada from the Board of Directors:
“We are gratified by the Court’s decision to dismiss Mr. Okada’s attempt
to block the Special Meeting to remove him from the Board and that our
shareholders will have the opportunity to vote on this important issue
on February 22.”
The Special Meeting will be held in the Montrachet Room at Wynn Las
Vegas, 3131 Las Vegas Boulevard South, Las Vegas, Nevada, on February 22
at 9:00 a.m. local time.
Mr. Okada was deemed unsuitable by the Wynn Resorts Board after a
lengthy investigation by former FBI Director Louis J. Freeh uncovered
evidence of improper conduct by Mr. Okada and affiliated entities under
the Foreign Corrupt Practices Act in connection with their dealings with
Philippine officials. If Mr. Okada is removed from the Wynn Resorts
Board by a vote of two-thirds of the shareholders, the Board will be
reduced to eight directors, including six independent directors.
About Wynn Resorts
Wynn Resorts, Limited is traded on the Nasdaq Global Select Market under
the ticker symbol WYNN and is part of the S&P 500 and NASDAQ-100 Indexes.
Our Las Vegas operations (Wynn Las Vegas and Encore) feature two luxury
hotel towers with a total of 4,750 spacious hotel rooms, suites and
villas, an approximately 186,000 square feet of casino space, 32 food
and beverage outlets featuring signature chefs, an on-site 18-hole golf
course, meeting space, an Ferrari and Maserati dealership, approximately
94,000 square feet of retail space as well as two showrooms; three
nightclubs and a beach club.
Our Macau resort is a resort destination casino located in the Macau
Special Administrative Region of the People's Republic of China with two
luxury hotel towers (Wynn Macau and Encore) with a total of 1,008
spacious rooms and suites, approximately 265,000 square feet of casino
space, casual and fine dining in eight restaurants, approximately 54,600
square feet of retail space, recreation and leisure facilities,
including two health clubs and spas, a pool.
