LAS VEGAS, Feb. 21, 2012 /PRNewswire/ -- Universal Entertainment Corporation today issued the following statement regarding the purported redemption of the shares of Wynn Resorts (NYSE: WYNN) owned by its subsidiary, Aruze USA, Inc. based on action taken over the weekend by the Wynn Resorts Board of Directors:
While Wynn Resorts has still not provided Universal with a copy of the "investigation" report, we believe the allegations leveled against Universal are motivated by self-interest and represent the results of an incomplete and otherwise flawed corporate governance process in breach of the Board's fiduciary and other duties. Universal believes the entire process has been tainted by the desire to serve Steve Wynn's predetermined goal of removing Aruze USA as the largest stockholder of the Company. Aruze USA intends to commence litigation, which includes seeking a temporary restraining order and preliminary injunction, to protect its interests in Wynn Resorts and prevent the redemption of its shares.
CONTACTS Dan Katcher / Kelly Sullivan / James Golden Joele Frank, Wilkinson Brimmer Katcher212-355-4449
SOURCE Universal Entertainment Corporation