Wynn Resorts has put an end to its six-year court battle with Universal Entertainment and Aruze USA at a cost of $2.4bn.
The deal dismisses all litigation between the parties and their then-directors, including claims brought against Wynn Macau by Aruze USA and Universal Entertainment, which manufacturers Japanese-style gaming machines and operates a Philippines casino.
Wynn Resorts confirmed that it will, on March 31, pay the $1.936bn principal amount of the redemption note that the company had previously issued to Aruze.
At the same time, Wynn will also pay an additional $464m to settle allegations relating to the interest rate on the redemption note.
The case had begun in February 2012 with Wynn Resorts’ redemption of a stake held by Universal’s Aruze USA at a 30 per cent discount. The move followed an internal investigation had alleged Wynn Resorts and Universal founder Kazuo Okada had violated US anti-corruption laws.
