Wynn Resorts Responds to Okada Action Seeking Access to Confidential Business Records
LAS VEGAS, January 11, 2012 -- Wynn Resorts, Limited (Nasdaq: WYNN). The lawsuit filed by Mr. Kazuo Okada, which seeks access to the Company’s confidential business records, is preposterous and without merit. The Company will defend it vigorously. This action is an attempt by Mr. Okada, who was removed as Vice Chairman of the Company in October of 2011, to deflect attention from a dispute between Mr. Okada and the Board of Directors of Wynn Resorts related to Mr. Okada’s decision to directly compete with the Company by pursuing a project in the Philippines despite repeated admonishments from the Board. The dispute also involves Mr. Okada’s misuse of his director position to imply the Company’s participation in projects that the Company had made firm decisions to avoid. The sources and uses of all pre-IPO capital contributions are detailed in publicly available information and Mr. Okada received the same information as all directors with respect to charitable contributions made by the Company.