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    • slot machine parts news

    Okada Manila Tour Proves Defining as Wynn Goes 'Nuclear'

    22.05.12

    Stephen Wynn stepped off his private jet at Manila airport in June 2010 to be greeted by the Philippines gaming regulator. On the tarmac too, in black wraparound sunglasses and trademark 1950s-style slicked-back hair, was Japanese slot-machine billionaire Kazuo Okada.

    Okada, 69, wanted the chief executive officer of Wynn Resorts Ltd. (WYNN) to join his $2 billion casino and hotel project on Manila Bay. Wynn, companion Andrea Hissom and Wynn Resorts Chief Operating Officer Marc Schorr toured a hotel, shopping mall and casino showcasing Manila’s investment potential, and sat through a presentation on the new project in an air-conditioned marquee, photographs of the trip show.

    That visit proved pivotal for Okada’s ambition to create an Asian casino empire -- only not as he’d hoped, according to an interview last week detailing how his 12-year alliance with Wynn went sour. Philippines regulator Efraim Genuino was indicted in an ongoing graft case. By the fall, Wynn was focusing on Okada’s Philippines activities, court documents show, removing him as vice chairman last year and forcibly buying his $2.77 billion stake last month at a 30 percent discount.


    Source: BusinessWeek