January 4, 2013 / 12:10 AM / 5 years ago

Wynn Resorts sets February 22 shareholder vote to remove Okada

LOS ANGELES (Reuters) - Wynn Resorts on Thursday said it set a February 22 shareholder meeting to vote on a proposal to remove dissident former shareholder and Japanese billionaire Kazuo Okada from the casino company’s board.

In a Securities and Exchange Commission filing on Thursday, Wynn said it has determined Okada is an “unsuitable person” and that it is essential from a gaming regulatory standpoint to remove him from the board.

Failure to take steps to separate the company from Okada and his affiliates poses material risks to the company, the company said in the filing.

Wynn and Okada, who heads Universal Entertainment Corp, have been embroiled in several legal disputes since January 2012. Wynn forcibly redeemed Okada’s 20 percent stake in the company at a 30 percent discount in February 2012 after an internal investigation by former FBI director Louis Freeh found Okada had allegedly violated U.S. anti-corruption laws.

Representatives for Okada were not immediately available.

Reporting By Susan Zeidler; Editing by Steve Orlofsky

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