LAS VEGAS — Wynn Resorts Ltd. has forcibly bought all shares controlled by Kazuo Okada after finding the Japanese tycoon made improper payments to overseas gambling regulators, according to ABC News.
According to reports, Okada held a 20-per-cent stake in Wynn Resorts through its privately held subsidiary Aruze U.S.A. Inc. Azure’s 24-million shares, worth $2.7 billion, were acquired for approximately $1.9 billion.
The current takeover stems from a separate casino resort project Okada is “undertaking” in the Philippines. The Wall Street Journal is also reporting that Wynn has removed Okada from the Board of its Hong Kong subsidiary, Wynn Macau Limited.
Wynn Resorts Ltd. owns the Wynn Las Vegas and Encore Las Vegas resorts. The company also owns Wynn Macau and Wynn Encore Macau in China.