LAS VEGAS--(BUSINESS WIRE)--Mar. 8, 2018--
Insert after second paragraph: The settlement is an effective rate of
$78 per share held by Aruze USA, at 6% interest over the previous six
years.
The corrected release reads:
WYNN RESORTS, LIMITED, UNIVERSAL ENTERTAINMENT AND ARUZE USA REACH
SETTLEMENT AGREEMENT
Wynn Resorts, Limited (NASDAQ: WYNN) announced today it has concluded a
settlement agreement with Universal Entertainment Corporation and Aruze
USA, Inc. regarding litigation between the parties which began in
February 2012 and was related to the redemption of Aruze USA’s equity
stake in the Company. The settlement provides for the parties to the
agreement to dismiss all litigation between Universal Entertainment and
Aruze USA, and Wynn Resorts, its then-directors and executives with
respect to the redemption. The settlement agreement also puts an end to
claims brought by Universal Entertainment and Aruze USA against Wynn
Macau in Macau.
The settlement agreement, which is effective today, provides for Wynn
Resorts to pay, on March 31, 2018, the $1,936,442,631.36 principal
amount of the redemption note that the Company previously issued to
Aruze. Wynn Resorts also agreed to pay an additional amount of
$463,557,368.64 on March 31, 2018, to settle allegations surrounding the
interest rate on the redemption note.
The settlement is an effective rate of $78 per share held by Aruze USA,
at 6% interest over the previous six years.
Among other items, the settlement agreement provides that Aruze USA,
will not consider itself a party to the Amended and Restated
Stockholders Agreement among Universal Entertainment’s subsidiary Aruze
USA, Steve Wynn and Elaine P. Wynn, nor will it assert any claims or
rights under the Stockholders Agreement. The settlement agreement also
provides for the parties to release one another from all claims related
to the redemption and to cooperate with each other in any litigation
that may arise from the settlement agreement or previous litigation.
About Wynn Resorts:
Wynn Resorts, Limited is traded on the Nasdaq Global Select Market under
the ticker symbol WYNN and is part of the S&P 500 Index. Wynn Resorts
owns and operates Wynn Las Vegas (www.wynnlasvegas.com),
Wynn Macau (www.wynnmacau.com)
and Wynn Palace, Cotai (www.wynnpalace.com).
Wynn and Encore Las Vegas feature two luxury hotel towers with a total
of 4,750 spacious hotel rooms, suites and villas, approximately 192,000
square feet of casino space, 22 dining experiences featuring signature
chefs and 11 bars, two award-winning spas, approximately 290,000 square
feet of meeting and convention space, approximately 110,000 square feet
of retail space as well as two showrooms, three nightclubs, a beach club
and recreation and leisure facilities. A luxury retail Strip-front
expansion, Wynn Plaza, is currently under construction and is scheduled
to debut the second half of 2018.
Wynn Macau is a luxury hotel and casino resort located in the Macau
Special Administrative Region of the People's Republic of China with two
luxury hotel towers with a total of 1,008 spacious rooms and suites,
approximately 273,000 square feet of casino space, casual and fine
dining in eight restaurants, approximately 31,000 square feet of meeting
and convention space, approximately 59,000 square feet of retail space,
and recreation and leisure facilities including two opulent spas, a
salon and a rotunda show.
Wynn Palace is a luxury integrated resort in Macau. Designed as a
floral-themed destination, it boasts 1,706 exquisite rooms, suites and
villas, approximately 420,000 square feet of casino space, 11 food and
beverage outlets, approximately 37,000 square feet of meeting and
convention space, approximately 106,000 square feet of designer retail,
SkyCabs that traverse an eight-acre Performance Lake, an extensive
collection of rare art, a lush spa, salon and recreation and leisure
facilities.
Wynn Resorts is currently constructing Wynn Boston Harbor located in
Everett, Massachusetts.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180308006340/en/
Source: Wynn Resorts, Limited
Wynn Resorts
Media:
Michael Weaver, 702-770-7501
michael.weaver@wynnresorts.com
or
Investor
Relations:
Robert Amerine, 702-770-7555
investorrelations@wynnresorts.com
View printer-friendly version