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Shareholder Makes Allegations Against Wynn

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(Photo by Ethan Miller/Getty Images)

(Photo by Ethan Miller/Getty Images)

tate south Tate South
Email Tate at tate.south@cbsradio.com
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(Tokyo)  –  Wynn Resort’s largest shareholder is fighting back against efforts to remove him from the board of directors.  In a federal lawsuit, Kazuo Okada alleges the Las Vegas gaming firm violated racketeering laws, when board members voted to redeem his shares.  Okada contends his 20-percent stake in Wynn Resorts remains outstanding.  The company claims in an internal investigation that Okada violated federal anti-corruption laws, by making improper payments to Philippine gaming officials.  Wynn Resorts says it will hold a special board meeting to remove Okada from the board, but no date has been set.

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