LAS VEGAS -- (Business Wire)
Wynn Resorts, Limited (Nasdaq: WYNN) today announced that Kazuo Okada
has resigned from its Board of Directors. As a result, the Wynn Board
will be reduced to eight directors, including six independent directors.
The company will hold its Special Meeting as planned tomorrow at which
stockholders are voting on a proposal to remove Mr. Okada from the Board
of Directors. Preliminary results received to date show that 99.7% of
the shares voted have voted for Mr. Okada’s removal.
Mr. Okada was deemed unsuitable by the Wynn Resorts Board after a
lengthy investigation by former FBI Director Louis J. Freeh uncovered
evidence of improper conduct by Mr. Okada and affiliated entities under
the Foreign Corrupt Practices Act in connection with their dealings with
Stephen A. Wynn, Chairman and Chief Executive Officer of Wynn Resorts,
said, “We greatly appreciate the overwhelming support from our
stockholders for this important action to protect the Company’s business
and the interests of stockholders. The preliminary vote count clearly
illustrates that our stockholders understand that removing an unsuitable
person from the Board is vital to the continuing success of the Company
as we pursue a growth strategy to expand into new jurisdictions. This is
a time of tremendous opportunity for Wynn Resorts, and we are extremely
confident in our future prospects.”
About Wynn Resorts
Wynn Resorts, Limited is traded on the Nasdaq Global Select Market under
the ticker symbol WYNN and is part of the S&P 500 and NASDAQ-100 Indexes.
Our Las Vegas operations (Wynn Las Vegas and Encore) feature two luxury
hotel towers with a total of 4,750 spacious hotel rooms, suites and
villas, an approximately 186,000 square feet of casino space, 32 food
and beverage outlets featuring signature chefs, an on-site 18-hole golf
course, meeting space, an Ferrari and Maserati dealership, approximately
94,000 square feet of retail space as well as two showrooms; three
nightclubs and a beach club.
Our Macau resort is a resort destination casino located in the Macau
Special Administrative Region of the People's Republic of China with two
luxury hotel towers (Wynn Macau and Encore) with a total of 1,008
spacious rooms and suites, approximately 265,000 square feet of casino
space, casual and fine dining in eight restaurants, approximately 54,600
square feet of retail space, recreation and leisure facilities,
including two health clubs and spas, a pool.
Samanta Stewart, 702-770-7555
Verbinnen & Co.
George Sard/Alexandra LaManna
Source: Wynn Resorts, Limited
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