INSERTING and REPLACING Wynn Resorts, Limited, Universal Entertainment and Aruze USA Reach Settlement Agreement
March 08 2018 - 10:08PM
Business Wire
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20180308006340/en/
Wynn ResortsMedia:Michael Weaver,
702-770-7501michael.weaver@wynnresorts.comorInvestor
Relations:Robert Amerine,
702-770-7555investorrelations@wynnresorts.com
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