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Wynn Resorts settles with Universal Entertainment

Steve Wynn speaks to reporters about a planned casino in Everett during a press conference on March 15, 2016.
Jessica Rinaldi | The Boston Globe | Getty Images
Steve Wynn speaks to reporters about a planned casino in Everett during a press conference on March 15, 2016.

Wynn Resorts said Thursday that it has settled with Universal Entertainment and Aruze USA.

As part of the agreement, Wynn said it will pay $1.94 billion, the principal amount of the redemption note previously issued to Aruze. The company said it will pay an additional $463.6 million to settle matters surrounding the interest on that redemption note.

The settlement is tied to litigation stemming from the redemption of Universal subsidiary Aruze's stake in Wynn.

In 2012, Wynn Resorts forcibly redeemed 25 million shares which belonged to Aruze founder Kazuo Okada. That stake was repurchased at a 30 percent discount after allegations that Okada had bribed Filipino gaming officials.

The company also said that the settlement announced Thursday ends claims against Wynn Macau by Universal and Aruze.

Shares of Wynn dipped slightly in after-hours trade Thursday.