Wynn Resorts described the lawsuit by its former Vice Chairman Kazuo Okada as “preposterous and without merit” in an official statement on the matter.
The company said one of the key issues of the suit – Mr Okada’s reported objection to charitable contributions made by Wynn Resorts in respect of the University of Macau – related to “publicly available information” that had been given to all directors in advance. Wynn Resorts added Mr Okada had “misused” his director position to imply the company was willing to get involved in a Philippines’ gaming project.
The statement said: “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,” added the company.
“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.”
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