There’s been yet another lawsuit filed in the Wynn vs. Okada saga.
After a 12 year friendly business relationship, the warm, fuzzy friendship and partnership between Steve Wynn and Kazuo Okada has ended in a very bad and public way.
The result of these 2 combined mega forces and mega personalities was the creation of Wynn Resorts, with Mr. Okada eventually becoming the company’s biggest shareholder. Steve Wynn then dumped Mr. Okada from the board and forced a redemption of shares at a steep discount.
The mudslinging and allegations between both parties continue to fly.
On Monday, Wynn Resorts Ltd. asked a state court judge to require that Okada appear for a deposition in Las Vegas and be questioned by Wynn attorneys.
“He accuses Stephen Wynn of wrongdoing and improprieties in the early years of Wynn Resorts’ existence, but provides no basis for his defamatory statements,” said a Monday court filing by the Wynn legal team in Clark County District Court.
Judge Elizabeth Gonzalez scheduled a June 28 hearing on the deposition motion. That same day both Wynn and Okada attorneys are scheduled to argue over whether Okada’s latest document demands are reasonable and relate to his role as a director of the company, which has gaming resorts in Las Vegas and Macau..
In a separate federal lawsuit pending in Nevada, Wynn Resorts and Okada both have sued each other stemming from Wynn Resorts actions removing Okada from the company and forcing a redemption of Okada’s $2.7 billion stock in the company at a steep discount.
It is going to be an interesting battle between the former business partners as they battle it out in court. To see a video of Mr. Okada refuting the initial claims, please visit the Universal Japan website. You will need Windows Media Player to view the video.