An organization’s culture of purpose answers
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Punit Renjen
17th November 2017  
 
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The Story

Steve Wynn faced another loss in connection to Kazuo Okada’s stock redemption case.

 

What happened?

Nevada District Court Judge Elizabeth Gonzalez junked the petition of Wynn Resorts Ltd seeking to avoid a jury trial. This will pave the way for the hearing of the case in April 2018. Gonzalez rejected Wynn’s argument that according to a U.S. Supreme Court ruling, courts cannot question a board’s decision as long as it’s made following proper procedures.

 

This is related to Okada allegedly showering gifts to Philippine gambling officials in 2012.

It would be recalled that Wynn Resorts board decided to cancel Okada’s 20 percent stake in the company and issue him a promissory note for $1.9 billion after the Japanese billionaire provided gifts to then senior officials of the Philippine Amusement and Gaming Corporation.

 

Okada has maintained his innocence.

Okada had denied any irregularities when it comes to his dealings with Philippine government officials. He said that the charge was instigated by Wynn to get back at him for being Wynn Resorts’ biggest single shareholder.

 

It seems that Okada is not done yet.

The Japanese billionaire said that he will go after Wynn in Macau courts.

 

Takeaway

Okada may have won this round but this is just a pit stop in what will be a long and bitter legal battle between two casino industry giants.

 
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