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Macau Daily Ichiro Matsui Casino – USD2.4 Billion Settlement Reached

It’s time for some juicy news from the world of casinos! Wynn Resorts Ltd. has agreed to pay a whopping USD2.4 billion to settle a lawsuit with Universal Entertainment Corp. The lawsuit revolves around the forced redemption of Universal Entertainment’s 20 percent stake in the casino operator six years ago. Let’s dive into the details and find out what this means for the casino giant.

A Dramatic Turn of Events

This settlement is the latest twist in the ongoing saga that started with Steve Wynn’s resignation last month due to a sexual harassment scandal. The settlement, announced on Friday, adds $464 million to the $1.94 billion 10-year promissory note Wynn gave Universal in 2012 for the shares. It effectively puts an end to a significant portion of the court battle that began with the bitter fallout between Steve Wynn and his former business partner, Kazuo Okada.

Scrutiny and Redemption

With gaming regulators in Macau, Nevada, and Massachusetts keeping a close eye on Wynn Resorts, the settlement may provide some relief. The settlement could potentially pave the way for Steve Wynn, the company’s largest shareholder, to sell a portion of his stake if needed. However, it’s worth noting that Kazuo Okada, who was ousted from his Tokyo-based company last year, is not party to this settlement. Claims against Okada for breach of fiduciary duty still remain, and a trial is scheduled for next month in Las Vegas.

A Look Back

In February 2012, Wynn Resorts took Okada’s shares, which were valued at around $2.7 billion at the time, and gave him a promissory note in exchange. The company alleged that Okada had jeopardized its gaming licenses by making illicit payments to Philippine regulators. On the other hand, Okada claimed that Steve Wynn forced him out because he perceived him as a threat to his control.

The Settlement

Wynn Resorts has committed to making the $2.4 billion payment to Universal Entertainment by March 31. David Krakoff, a lawyer for Universal Entertainment, expressed his satisfaction with the outcome, stating that it resolves the long-running litigation on very favorable terms and provides substantial resources for the company’s international growth. However, Universal Entertainment’s shares took a hit, falling 16 percent in trading in Tokyo on Friday.

Investor Confidence

Interestingly, Wynn Resorts’ stock experienced volatility following a Wall Street Journal article that revealed allegations of sexual harassment against Steve Wynn. Nonetheless, the company has been taking steps to regain stability and boost investor confidence. Wynn Resorts unexpectedly raised its dividend and announced changes to its board membership.

That’s it for now! Stay tuned for more exciting updates from the world of casinos. In the meantime, if you’re looking for some online casino fun, check out Mystino – オンラインカジノ, ミスティーノ, ミリオンバンブー, 入金不要ボーナス, オンカジ, where you can experience the thrill of gambling and enjoy a variety of games. Happy betting!

Mystino

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