Billionaire Casino Moguls Squabbling

Tuesday, February 21, 2012
Martinne Geller and Farah Master, Reuters
Submitted by: Editor

Steve Wynn, Billionaire Las Vegas casino mogul, is fighting with his former business partner Kazuo Okada, billionaire Japanese gaming mogul, each man accusing the other of bribing local officials to win favor in the Macau and Philippines gaming markets.

[Reuters] Wynn Resorts Ltd Chief Executive Steve Wynn upped the ante in his fight against former business partner Kazuo Okada, accusing the Japanese gaming mogul of improper payments to foreign gaming regulators and forcibly buying back Okada's 20 percent stake in the casino company at a deep discount.

The men were, at one time, the best of friends. Okada having bailed Wynn out of serious financial straights a decade ago. However, it appears that Okada's plan to open a new casino in the Phillipines has angered Wynn. With multiple lawsuits filed against his former friend, it appears that Mr. Wynn has all but guaranteed that Mr. Okada will become his fiercest competitor in the gaming market.

The troubles of billionaires.

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Posted by Editor on 02/21/12 at 05:55 PM • (0) Comments

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