The largest shareholder and vice-chairman of the board is suing Wynn Resorts Ltd. (NASDAQ: WYNN) to gain access to the company’s books and records. Kazuo Okada is a company founder who has ponied up a total of $380 million to get the company off the ground and to build its Macau casino. He owns approximately 20% of the company’s shares.
According to the Las Vegas Review-Journal which cites the court filing, Wynn Resorts has denied Okada access to its books “despite several written demands.” The galvanizing issue was a $135 million gift from Wynn Resorts to the University of Macau. The donation “appears to be unprecedented in the annals of that University,” according to Okada’s filing. The gift comprises an initial payment of $25 million and 11 additional equal payments of $10 million annually.
Wynn Resorts did not comment on the filings. Shares are down more than -5% at $106.08 in a 52-week range of $101.02-$172.58.
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