MACAU BUSINESS
here since the Japanese businessman is not a direct shareholder of Wynn Macau, said Mr Neves.
Ripple effect
While authorities in Macau sit and watch, deciding whether or not actions need to be taken, financial advisors expect investigations to be carried out by the Nevada Gaming Commission “into what transpired between the two parties, and a ruling on how the matter is going to be decided,” says Yale Bock, president of Y H & C Investments, a registered investment advisor based in Las Vegas. He says the “Securities and Exchange Commission and U.S. Department of Justice will probably investigate the details of the dispute, including all allegations of bribery.” In regards to Macau, “one can only imagine how
government officials in China view the public airing of dirty laundry, but certainly it cannot be considered a good thing for Wynn Resorts,” Mr Bock says. For his part, Mr Okada says he will “vigorously” pursue his casino project in the Philippines.
Spotlight on varsity donation
W
ynn Resorts Ltd. announced recently that the United States Securities and Exchange
Commission (SEC) is launching an informal inquiry over its subsidiary Wynn Macau Ltd.’s MOP1.1 billion (US$135 million) donation to the University of Macau. Wynn Resorts said in a regulatory filing that it had received a letter from the SEC requesting “the company preserve information relating to the donation to the University of Macau, any donations by the
company to any other educational charitable institutions, including the University of Macau Development Foundation, and the company’s casino or concession gaming licenses or renewals in Macau.” Wynn Resorts said it would comply fully. The gaming operator said the letter
follows the lawsuit filed against the company by Kazuo Okada. Mr Okada in January filed a lawsuit against Wynn Resorts alleging he was blocked from seeing the company’s financial records after he objected to the donation to the University of Macau. This was the incident that appears to have triggered the feud between both parties that
“I intend to vigorously continue my US$2-billion
[MOP16 billion] investment” in Entertainment City Manila, Mr Okada said in a statement read to Philippines legislators and quoted by Bloomberg. “Rest assured that I will be able to prove that all of the accusations are baseless and are lies that have been blown out of proportion.” Philippine President Benigno Aquino ordered an inquiry into allegations that the Pagcor chairman Mr Naguiat accepted illegal gifts from Mr Okada. Mr Naguiat has said he will not quit, as has been requested by some. He has denied any wrongdoing but confirmed staying at Wynn Macau and Las Vegas. He said it was a standard industry courtesy and
reciprocity. Other than complimentary accommodation, no gifts in cash or in kind were received by Pagcor officials during his tenure, Mr Naguiat added.
Philippine politicians want to ban Mr Wynn from doing business in the country, saying his allegations of bribe taking by the country’s gaming regulator have denigrated the country’s image.
saw Wynn Resorts forcibly buy out Mr Okada’s 19.7-percent stake in the U.S.-based gaming operator. In May last year, Wynn Macau made a commitment to the University of Macau Development Foundation consisting of a US$25 million payment and promises of additional donations of US$10 million a year from this year through to 2022. Wynn Resorts is the second U.S.-based
casino operator to face an SEC probe into its Macau operations. Las Vegas Sands Corp. said last year it faced an inquiry into compliance with US anti-bribery laws. Details of that case have been few and far between.
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