Wynn Resorts drops claims against Japanese tycoon Okada - KTVN Channel 2 - Reno Tahoe Sparks News, Weather, Video

Wynn Resorts drops claims against Japanese tycoon Okada

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LAS VEGAS (AP) - Wynn Resorts has dropped all claims against co-founder Kazuo Okada, a Japanese business tycoon the company had accused of paying bribes to Philippine government officials.

The Las Vegas Review-Journal reports Wynn Resorts voluntarily withdrew its claims of breach of fiduciary responsibility on Monday against Okada, founder of Tokyo casino game-maker Universal Entertainment Corp.

The move will make it easier for Wynn's Chief Executive Officer Matt Maddox to bring to a quick close the bitter, six-year battle among shareholders.

It comes on the heels of Thursday's surprise announcement Wynn will pay Universal $2.4 billion to end the fight over a 20 percent stake in the casino operator.

Okada was a Wynn board member in 2012 when the Las Vegas-based company filed a lawsuit against him claiming the bribery allegations threatened its reputation.

Information from: Las Vegas Review-Journal, http://www.lvrj.com

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