Wynn joining forces with Okada

Tuesday, June 25, 2002 | 10:48 a.m.

SUN STAFF AND WIRE REPORTS

The billionaire owner of the world's second-largest slot-machine manufacturer is the principal partner of Las Vegas gaming mogul Steve Wynn's casino-resort project in the Chinese state of Macau, Wynn announced Monday.

Separately, Las Vegas Strip casino resort operator Sheldon Adelson's company is expected Wednesday to sign its own casino resort development agreement with Macau.

Wynn introduced his Japanese partner, Kazuo Okada, to the media after he signed a 20-year casino concession agreement with the Macau government, the South China Morning Post newspaper reported.

Okada is president of the Tokyo-based Aruze Corp., which produces gaming devices, including the popular pachinko machines. He is also a partner in Wynn's Le Reve casino resort project on the Las Vegas Strip.

Forbes magazine has listed Okada as Japan's eighth wealthiest person, with a net worth of $4.7 billion.

Wynn said Okada had been his business partner for several years and described him as a "warm man," the Post reported.

"It's a wonderful association," he said, the Post reported.

Okada's company was cleared of complaints filed by Japanese tax authorities in Tokyo District Court in April. The tax bureau had accused company officials of concealing about four billion yen in income between the 1996 and 1998 financial years.

Under the agreement, which takes effect today, Wynn Resorts' first Macau casino resort must be opened by 2006.

Macau's Secretary for Economy and Finance Francis Tam Pak-yuen said Wynn's company had asked for six plots of land close to Macau casino mogul Stanley Ho Hung-sun's flagship casino, the Lisboa, to build its first casino resort.

An official said the idea is "to establish a Las Vegas-style casino strip in the area," adding the close proximity of rival casinos was "normal in Las Vegas" and would also make policing easier.