Wynn Resorts faces accusations their largest shareholder was denied access to the firm’s books. Kazuo Okada, the Japanese owner of slot maker Aruze USA, is suing the casino firm claiming that “despite several written demands, Wynn Resorts insists on keeping its books and records hidden,” according to the Las Vegas Review Journal. It relates to a $135m donation Wynn made to the University of Macau Development. Okada being an indirect shareholder of 19.66% and director means he automatically has access to the books. Okada invested $260m in Wynn’s predecessor organization in 2000 before using another $120m that was to be used for casino development in Macau. He wants to see how an additional $30m he pumped into the firm has been spent and has so far been denied from doing so and even had to prove the money came from his company.
Worldwide casino business MGM Resorts International is entering the race to operate a resort casino in Massachusetts. The Boston Herald reports the firm has earmarked a site in Brimfield near the Mass. turnpike in the hope of gaining a licence. The latest has many excited of the prospects for casinos in the states and the hate-to-say-I-told-you-so’ers are out in force.
“A lot of people were questioning if Massachusetts would be able to attract the big players in the industry,” said Clyde Barrow, a casino expert from the University of Massachusetts-Dartmouth. “If you look at the line-up now…Massachusetts has some of the biggest players in the world.”
MGM will team up with Rolling Hills Estates Realty Trust, with principal David Callahan expected to formally announce MGM as a partner in the plan later today. MGM follows Caesars, Wynn, the owners of Connecticut casino Mohegan Sun, Ameristar and Hard Rock in entering the Massachusetts casino race.
Connecticut’s other major casino operator Foxwoods is opting to stay silent on whether it will join the race. Boston Daily reports repeated requests for a comment from officials at the Ledyard casino have fallen on deaf ears. It does rely on Mass residents for “about twice as much of its business” as the other Connecticut casino run by Mohegan Sun and would lose out to any casinos built in the neighboring state. What’s clear is the neighbor will be losing business when Mass opens up. How much is yet to be determined.
