Kazuo Okada, head of Universal, who will receive $ 2 bi in accordance with Wynn Resorts
Kazuo Okada, head of Universal, who will receive $ 2 bi in accordance with Wynn Resorts
Then Wynn Resorts CEO, Steve Wynn, said Okada had jeopardised Wynn’s gaming license by alleging he offered improper hospitality at Wynn properties and gifts to Philippine gaming officials.
Wynn Resorts said: “Wynn Resorts has concluded a settlement agreement with Universal Entertainment Corporation and Aruze USA, regarding litigation between the parties which began in February 2012 and was related to the redemption of Aruze USA’s equity stake in the company. The settlement provides for the parties to the agreement to dismiss all litigation between Universal Entertainment and Aruze USA, and Wynn Resorts, its then-directors and executives with respect to the redemption. The settlement agreement also puts an end to claims brought by Universal Entertainment and Aruze USA against Wynn Macau in Macau.”
Wynn added: “The settlement agreement, which is effective today, provides for Wynn Resorts to pay, on March 31, 2018, the US$1,936,442,631.36 principal amount of the redemption note that the Company previously issued to Aruze. Wynn Resorts also agreed to pay an additional amount of US$463,557,368.64 on March 31, 2018, to settle allegations surrounding the interest rate on the redemption note.”
“Among other items, the settlement agreement provides that Aruze USA, will not consider itself a party to the Amended and Restated Stockholders Agreement among Universal Entertainment’s subsidiary Aruze USA, Steve Wynn and Elaine P. Wynn, nor will it assert any claims or rights under the Stockholders Agreement,” the company concluded.
Source: GMB / G3 Newswire
