Wynn Resorts settles lawsuit for $2.4B with Tokyo company
LAS VEGAS (KSNV) —
Wynn Resorts has agreed to pay $2.4 billion in a settlement with a Tokyo-based casino game maker and its U.S. unit over the forced redemption of shares.
The company on Thursday announced the settlement with Universal Entertainment Corp, which previously held an almost 20 percent stake in Wynn Resorts through its privately held subsidiary Aruze USA Inc.
Wynn Resorts agreed to pay the sum by March 31.
The legal fight dates back to 2012 when Wynn pushed Universal’s founder Kazuo Okada out of the Las Vegas-based casino operating company.
Wynn Resorts took all the shares controlled by Okada and gave him a $1.9 billion promissory note.
Aruze’s shares were worth about $2.7 billion in February 2012.