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Wynn Resorts shareholders vote against Okada

Published on NewsOK Modified: February 22, 2013 at 2:33 pm •  Published: February 22, 2013
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LAS VEGAS (AP) — Wynn Resorts Ltd. said Friday that its shareholders voted overwhelmingly to remove Kazuo Okada from the company's board, but the Japanese billionaire says his feud with CEO Steven Wynn is not over.

Okada resigned from the board Thursday, but Wynn Resorts shareholders were also asked to vote on a proposal to remove him from the board.

The company said Friday that more than 86 million shares voted and the proposal was approved by 99.6 percent of the shares voting at the special meeting. At the time of Okada's resignation Thursday, virtually all of these stockholder votes had already been cast.

The company's board will be reduced to eight directors.

Okada was once the largest shareholder in Wynn Resorts, but the company forcibly bought back his stake. The casino operator alleges Okada acted improperly in dealings with Philippine officials. Okada says Steve Wynn seeks to push him out and increase his own control of the company.

The two men have traded accusations of unethical or illegal conduct during an extended legal battle between one-time friends and business partners that has become increasingly personal and public.

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