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Stock Market & Financial Investment News

News Breaks
February 19, 2012
14:18 EDTWYNNWynn Resorts redeems Okada's stake with $1.9B promissory note
Pursuant to the finding of “unsuitability,” the Wnnn Resorts board has redeemed Aruze USA, Inc.’s 24 million Wynn Resorts’ shares. The terms of redemption are outlined in Wynn Resorts’ Articles of Incorporation, which have been in place since the Company’s inception. Following a finding of “unsuitability,” the Articles provide for redemption at “fair value” of the shares held by unsuitable persons to protect the Company’s gaming licenses. The Company engaged an independent financial advisor to assist in the fair value calculation and concluded that a discount to the current trading price was appropriate because of restrictions on most of the shares which are subject to the terms of an existing stockholder agreement. Pursuant to the Articles, the Company has issued a 10-year $1.9 billion promissory note in redemption of the shares. The note matures on February 18, 2022 and bears interest at the rate of 2% per annum.
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July 14, 2014
14:04 EDTWYNNNJ reports Atlantic City June gaming win $236M
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July 11, 2014
07:14 EDTWYNNMacau graft agency investigates Wynn land agreement, Reuters says
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