4. Wynn's Easy Win
Let's be honest, folks: Did anybody really believe Nevada gaming officials were going to rule against casino mogul Steve Wynn in his fight against his former partner Kazuo Okada?
We didn't think so.In perhaps the least surprising decision to come out of Las Vegas since Larry Holmes stopped Gerry Cooney three decades ago, the Nevada Gaming Control Board determined that Okada's allegations against Wynn Resorts (WYNN - Get Report) regarding a donation made to the University of Macau by Wynn Macau were unfounded. Additionally, the U.S. District Court of Nevada granted Wynn Resorts' motion to dismiss a shareholder suit action -- yeah, Okada again -- against Wynn and it's board based on the Macau donation, saying there was insufficient legal basis for the case to go forward. Think about it. The guy's last name is Wynn. Did you really think he was going to lose? Not in a million years and certainly not in his own backyard. And those were only two of CEO Steve Wynn's preordained victories this week. He also got the nod from proxy adviser Institutional Shareholder Services, which recommended that Wynn shareholders oust Okada from its board at a special Feb. 22 meeting. Okada was previously deemed persona non grata at the company after former FBI director turned Steve Wynn's personal snoop Louis J. Freeh fingered Okada in a bribery scandal involving Philippine officials. The casino company forcibly redeemed Okada's 20% stake in the company last year for a $1.9 billion promissory note payable in 10 years. "Mr. Okada is an unsuitable person, and we are seeking to remove him from the Board of Directors of Wynn Resorts to protect the interests of the company and our shareholders," the company said in a statement. So after Steve Wynn's trio of triumphs this week, does anybody really believe Okada can score an upset at the upcoming shareholder meeting? Come on. Raise your hands if you think Okada has a shot. Once again, we didn't think so.
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