Wynn asks Director to step down

WYNN

Wynn Resorts Ltd. (NASDAQ:WYNN) bought out its largest shareholder at a 31% discount and asked him to leave the board after a probe by the casino operator uncovered allegedly improper payments to Philippine gambling officials.

An investigation by former Nevada Governor Robert Miller and Louis Freeh, the ex-director of the Federal Bureau of Investigation, of claims that Kazuo Okada violated US anti-corruption laws uncovered cash payments and gifts valued at about US$110,000 to gambling regulators, Las Vegas-based Wynn Resorts said today in a statement.

Mr. Okada was stripped of his Vice-Chairman role last year after alleging improprieties in a Macau university donation that is the subject of a lawsuit and a US regulatory inquiry. Mr. Freeh’s probe put Mr. Okada’s activities in the Philippines under the microscope too.

Wynn Resorts said it redeemed the 24-M shares held by Aruze USA Inc., a slot-machine company controlled by Mr. Okada’s Universal Entertainment Corp., and issued a 10-yr US$1.9-B promissory note for the stock.

At the 17 February closing price of US$112.69 per share in New York, a stake that size, about 20% of the shares in Las Vegas-based Wynn would be worth US$2.76-B.

Paul A Ebeling, Jnr.

Paul A. Ebeling, Jnr

Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster’s Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.

Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.
www.livetradingnews.com

Services

Brokerage, Investment Management, Investment Banking, Emerging Markets, Mergers and Acquisitions

Managed Trading Accounts, Equities, Commodities, Forex

For More Information Contact

Linda Johnson,
Business Development Director – Private Client Group,
Heffernan Capital Management
Sales@Heffcap.com

Singapore

3 Raffles Place #07-01
Bharat Building Singapore 048617
Tel: +65 6329 6408
Fax: +65 6329 9699
Email : info@heffcap.com

Bangkok

Suite 53 Athenee Tower
63 Wireless Road,
Lumpini, Pathumwan,
Bangkok 10330 THAILAND
Email : info@heffcap.com

New York

347 5th Avenue, Suite 1402-508 NY, NY 10016

Email : info@heffcap.com


Get the Updates Daily

Enter your email address:

Delivered by FeedBurner

Your use of any of the Websites or any of the Services (defined below) constitutes your agreement to be bound by and comply with the Website Terms and Conditions and your consent to the collection, use and disclosure of personal information as described in the Privacy Policy. If you do not so agree and consent, you are not authorized to visit or use our Websites or the Services.

Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment. You must also accept that opinions on stock markets change minute to minute, opinions expressed my change at any time without warning. Opinions maybe influenced by ad sales and other financial consideration. This site does not offer any assistance in making financial decisions.

Read the Terms of Service

Posted by Shayne Heffernan on Feb 20th, 2012and filed underBy Region, Companies, Equities, Latest News, Paul Ebeling, Retail & Consumer, Travel & Leisure, US Companies.You can follow any responses to this entry through theRSS 2.0Responses are currently closed, but you can trackback from your own site.