Japanese tycoon quits Wynn Resorts board

<p>Japanese billionaire Kazuo Okada has quit the Wynn Resorts board ahead of a shareholder meeting.</p>

A Japanese tycoon quit the Wynn Resorts board before a shareholder meeting last night (February 21st) in the latest twist to the ongoing saga at the hotel company.

Kazuo Okada's exit came ahead of a conference where his removal was expected to be voted upon.

Relations between chief executive Steve Wynn and Mr Okada have turned sour amid allegations of illegal payments to regulators by the Japanese billionaire, who denies the claims but whose appeal to block the upcoming shareholder meeting was rejected by a US judge.

Last year, Wynn Resorts commenced legal proceedings against Mr Okada in which the company claimed he made at least $110,000 (£70,000) in unauthorised payments to two gaming officials in the Philippines.

At close of play on the New York Stock Exchange last night, Wynn Resorts shares fell by 0.8 per cent to $115.53 per unit.

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