Gaming Officials End Wynn Investigation
LAS VEGAS (AP) — Wynn Resorts Ltd. said today that Nevada gaming officials have ended their investigation into allegations by a Japanese billionaire that the casino operator made an improper donation to the University of Macau and found no evidence of wrongdoing.
In addition, Wynn said that a federal court in Nevada granted its motion to dismiss a shareholder complaint against the company related to the donation, saying that there wasn’t a legal basis for the case to go on.
The accusations stem from an ongoing battle between former friends and business partners Kazuo Okada and company CEO Steve Wynn.
Okada used to be Wynn Resorts’ single largest shareholder but the company tried to forcibly buy back his shares after it said it found that Okada made improper payments to overseas gambling regulators.
Wynn is seeking to remove Okada from its board at a special shareholder meeting set for Feb. 22. Okada has filed suit in a Nevada federal court to halt the meeting.
Copyright 2013 The Associated Press.