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 | Investigations Dataset

Stanford Foreign Corrupt Practices Act Clearinghouse a Collaboration with Sullivan & Cromwell LLP

Investigations Dataset

 
Investigation into Wynn Resorts' Activities in Macau · Wynn Resorts, Limited

Information & Summary

Investigation into Wynn Resorts' Activities in Macau

Related FCPA Matter:   Wynn Resorts' Involvement in Macau Information

Information & Summary

Investigation Name:    Investigation into Wynn Resorts' Activities in Macau

Trend:    None

Type of investigation:    SEC, DOJ

Other Agencies Investigating/Assisting with SEC/DOJ Investigation:    Unknown

Whistleblower:    Unknown

Summary

Wynn Resorts, Limited is an American publicly traded corporation based in Nevada that is a developer and operator of high end hotels and casinos worldwide.

Wynn Macau, a majority owned subsidiary of Wynn Resorts, made a charitable donation to the University of Macau Development Foundation of an initial payment of $25 million in May 2011 and additional payments of $10 million each year for the calendar years from 2012 to 2022. Fifteen of the sixteen members of the board of directors approved the charitable donation, with Kazuo Okada being the sole vote against. According to Wynn Resorts, Okada's objection was merely to the length of payments, not to their propriety. On January 11, 2012, Okada filed an action in state court in Nevada in an effort to compel Wynn Resorts to produce certain of its books and records.

Following the filing of Okada's lawsuit, on February 8, 2012, the Salt Lake Regional Office of the SEC sent a letter to Wynn Resorts indicating that it had begun an informal inquiry into the matter and requesting that the "company preserve information relating to the donation to the University of Macau, any donations by the Company to any other educational charitable institutions, including the University of Macau Development Foundation, and the Company’s casino or concession gaming licenses or renewals in Macau."

On April 8, 2013, the DOJ made a motion to intervene into a separate lawsuit between Wynn Resorts and Okada seeking to stay discovery until the conclusion of its criminal investigation into the matter. In a footnote in the motion, the DOJ also noted that it had an open criminal investigation into the donations to the University of Macau Development Foundation. Wynn Resorts confirmed that investigation in its first SEC filing after that motion to intervene, but the company stated that it had not received a target letter or subpoena in connection with the DOJ's investigation.

On July 2, 2013, the SEC sent a letter to Wynn Resorts stating that it had completed its investigation and would not recommend any enforcement action be brought against the company.

The company's last disclosure of the DOJ investigation was in its 10-Q filed on November 8, 2017. It is unknown at this time whether the DOJ investigation has concluded.

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