Wynn settles suit: Wynn Resorts has agreed to pay US$2.6 billion to settle a lawsuit brought by Japan’s Universal Entertainment and its U.S. unit, ending a six-year old dispute that pitted ousted casino mogul Steve Wynn against one of his former associates, Kazuo Okada.The compensation itself was lower than market expectations and sent shares in Universal, a maker of Japanese-style slot machines and the operator of a casino in the Philippines, plunging 16% in Thursday trade in Tokyo. The lawsuit revolves around Wynn Resorts’ 2012 forced redemption of a stake held by Universal’s unit Aruze USA at a 30% discount after an internal investigation by former FBI director Louis Freeh alleged Okada had violated U.S. anti-corruption laws.
Trump fights for Panama name to be restored: Lawyers for the Trump Organization in Panama say they will take legal action to restore the Trump name to the Panama City hotel where workers pried off metal letters bearing the brand. The law firm said in a statement that it “will be presenting legal actions seeking to restore the Trump name to the hotel and demand that the temporary administrators post a bond to guarantee payment for any damages done to its clients.”
More Trump, one hot check: The Trump Organization wrote a check for US$151,470 to the U.S. Treasury last month, fulfilling a pledge to donate its net hotel profits from business with foreign governments in 2017, according to reporting from The Daily Mail. The company said its contribution to the government was “voluntary” and represented what would become an “annual donation” to taxpayers.
Great Wolf names new CEO: Chicago-based Great Wolf Resorts named Murray Hennessy as chief executive officer. Hennessy had been serving as interim CEO following the departure of Rubén Rodriguez in December and now officially assumes the permanent role. Previous roles include CEO for Avis Europe and, more recently, CEO of the United Kingdom’s largest online train ticket retailer, Trainline.
Accor hits 100: AccorHotels has reached the milestone of operating in 100 countries. In 2017, the Group’s portfolio included almost 4,300 hotels and 600,000 rooms. The pipeline for the next five years includes 870 hotels, 79% of which are located in high-growth markets. The Luxury and Upscale segment recorded very strong growth in 2017, with figures doubling compared to 2016. In this segment, 30 hotels opened and another 60 have been signed during the year, mainly in Asia-Pacific (59%) and Africa-Middle East (24%). In addition to its iconic brands, the portfolio is expanding in the lifestyle segment, with 15 SO/ hotels projected by 2022, and in resorts with Banyan Tree and Rixos. The development of hotel residences and private properties under the Luxury and Upscale brands is also a major focus with more than 50 projects in development.