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Wynn Resorts shareholders vote against Okada

Published: February 22, 2013 Comment on this article

Okada said that Steve Wynn has orchestrated a "deliberate campaign" to deceive him and his actions have betrayed their friendship, management agreement and shareholders agreement that the two men held. He also suggested that some of the land concessions that Wynn and his company sought in China should be investigated.

He also said that he will continue to fight the involuntary redemption of his stake in Wynn Resorts and will not abandon a pending lawsuit.

"I no longer believe it is appropriate for me to serve on the board of directors of a company that is behaving in a manner that I deeply believe to be unethical, and that has refused my reasonable requests to promptly investigate what appears to me to be misconduct by Steve Wynn, and thus is under the dictatorship of Mr. Wynn and fails to fulfill its original function," Okada said in a statement.

Shares of Wynn Resorts rose $1.75 to $117.28 in afternoon trading.

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