Mar 9, 8:38 PM EST

Wynn Resorts may 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.

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

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.

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.

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

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

© 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more about our Privacy Policy and Terms of Use.