Officials End Investigation Into Wynn Resorts

by Christopher Freeburn | February 4, 2013 12:52 pm

wynn Officials End Investigation Into Wynn Resorts[1]Wynn Resorts (NASDAQ:WYNN[2]) announced on Monday that the Nevada Gaming Control Board had declared allegations regarding an improper donation to a Chinese organization[3] made by Wynn director Kazuo Okada “unfounded.”

Last year, Okada sued Wynn, demanding that the company disclose records relating to its donation to the University of Macau Development Foundation, the Las Vegas Review-Journal noted.

Wynn acquired Okada’s 20% stake in the company after an investigation determined that he had improperly bribed gaming regulators in the Phillipines. A former co-founder of Wynn Resorts, Okada had been its largest shareholder.

The casino operator plans to oust Okada from its board during a special meeting this month. Okada and Steve Wynn, the company’s CEO, have exchanged accusations for more than a year.

In a statement, Wynn Resorts called Okada’s accusations about the donation “baseless” and said Okada was an “unsuitable” person to sit on the company’s board.

Last year, Wynn Resorts announced that it would build a 2,000-room luxury hotel[4] with 10 restaurants, a myriad of high-end retail boutiques, spas, a night club and, of course, 500 tables for gambling in Macau, its second hotel there.

Shares of Wynn Resorts rose almost 1% in Monday midday trading.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/01/wynn.jpg
  2. WYNN: http://studio-5.financialcontent.com/investplace/quote?Symbol=WYNN
  3. declared allegations regarding an improper donation to a Chinese organization: http://www.lvrj.com/business/nevada-gaming-regulators-end-investigation-of-okada-claim-against-wynn-resorts-189669051.html
  4. that it would build a 2,000-room luxury hotel: http://investorplace.com/2012/06/wynns-next-macau-casino-to-cost-4-billion/

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