LAS VEGAS — Wynn Resorts has dropped all claims against co-founder Kazuo Okada, a Japanese business tycoon the provider had charged with paying bribes to Philippine government officials.
The 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 always make it simpler for Wynn's Top dog Matt Maddox to take into a quick close the bitter, six-year battle among shareholders.
It turns on the heels of Thursday's surprise announcement Wynn will pay Universal $2.4 billion to finish the struggle over the 20 % stake during the casino operator.
Okada had been a Wynn board member this year if your Las Vegas-based company filed case against him claiming the bribery allegations threatened its reputation.
Information from: Las vegas, nevada Review-Journal, http://www.lvrj.com