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    5 Dumbest Things on Wall Street This Week

    20.05.12

    Perhaps Okada, the biggest stakeholder in Wynn Resorts (WYNN) with $2.7 billion of the company’s shares, forgot the lyrics before finding himself at odds with the Vegas tycoon this weekend.

    The battle between the casino big-wigs, and former best buddies, escalated on Sunday morning with Wynn forcibly buying back all Okada’s shares at a 30% discount. Aside from snatching his stock, Wynn also filed suit against the Japanese tycoon, accusing him of buying off overseas gaming regulators and violating U.S. anti-corruption laws in the process.

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    Most notably, Wynn was in sharp disagreement over Okada’s allegedly shifty dealings in the Philippines, where he was developing a property without Wynn, but publicly acting like he had the casino impresario’s imprimatur.


    Source: Forbes