Score another win for Steve Wynn. Judge Elizabeth Gonzalez ruled last week that Wynn Resorts Ltd. (WYNN) had every right to retire the shares of co-founder and director Kazuo Okada, thus precluding Okada from nominating two members to serve on the company’s board of directors.
Gonzalez ruled that Okada’s lawyers didn’t present enough evidence to indicate he would prevail in further legal proceedings and she denied the Japanese gaming mogul a preliminary injunction that would have overturned the redemption of his nearly 20 percent ownership of the company.
A company spokesman indicated a special meeting of the shareholders would be called to dump Okada from the board of directors.
Ray Poirier is the longtime executive editor at GamingToday.
Contact Ray at Ray[email protected].