TOKYO--(BUSINESS WIRE)--Universal Entertainment Corporation today announced that Kazuo Okada, Chairman and Director of our Company, has resigned from his position as director of Wynn Resorts, Limited (NASDAQ：WYNN, hereinafter, “Wynn Resorts”). Nevertheless, Wynn Resorts has announced that it will still be holding its special meeting of shareholders on February 22nd (local time) as planned.
Given that the sole purpose of Wynn Resorts’ special meeting of shareholders was to vote on the proposal to remove Mr. Okada from the board, the need for such vote has been obviated with Mr. Okada resigning ahead of the meeting. Thus, it is absolutely unnecessary to hold this shareholders’ meeting.
This special meeting of shareholders has no purpose and no ability to move the business of Wynn Resorts forward. We believe that burdening the company and its shareholders with the expense of this meeting also raises questions in terms of its legality. Thus, we regard this as simply the latest misguided step in Mr. Wynn’s retaliatory campaign to attack and discredit Mr. Okada.
Wasting unnecessary expenses to hold this pointless special meeting of shareholders only serves to satisfy Mr. Wynn’s own interests and is against the interests of the shareholders. We deeply regret that Wynn Resorts elected to proceed with the wasteful charade of holding this special meeting of shareholders.