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Wynn Resorts Might Use $800M Loan To Pay $2.4B Settlement

LAS VEGAS (AP) — Wynn Resorts says it may draw from a bank loan of up to $800 million to help pay for a $2.4 billion settlement with a Tokyo company. <br><br>

The Las Vegas-based casino operator on Friday said Deutsche Bank approved the loan.<br><br>

On Thursday, Wynn Resorts said it reached a settlement with Universal Entertainment Corp., which once held an almost 20 percent stake in Wynn through its subsidiary Aruze USA Inc.<br><br>

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The legal fight dates back to 2012, when Wynn forcibly took all the shares controlled by Universal's founder Kazuo Okada and issued a $1.9 billion promissory note.<br><br>

The company says it could use the loan plus cash reserves to repay the promissory note.<br><br>

CEO Matt Maddox this week said the company had over $3 billion in cash as of Dec. 31