Wynn Moves to Oust Okada From Board

Casino mogul Steve Wynn.
Nick Ut
Casino mogul Steve Wynn.

Wynn Resorts Chairman and Chief Executive Officer Steve Wynn said his company will call a special shareholder meeting to vote on removing dissident former shareholder, and Japanese billionaire, Kazuo Okada from the casino company's board of directors.

Wynn Resorts will file a proxy statement with the U.S. Securities and Exchange Commission for the proposed vote, the company said on Thursday.

The planned vote is the culmination of a nearly year-long battle between Wynn and Okada, who heads Universal Entertainment, and is Japan's largest pachinko manufacturer. Okada was also Wynn's partner and largest investor until their dispute erupted in early 2012.

Wynn told Reuters the company decided to take this new action because the dispute was threatening growth and investment. Earlier on Friday, investment bank UBS downgraded Wynn's stock from a "buy" to "neutral", citing "less visible growth" for the next few years.