Judge halts suit between Wynn Resorts and Japanese billionaire Okada for criminal probe

THE ASSOCIATED PRESS
May 03, 2013 - 8:59 pm EDT

LAS VEGAS — A judge has paused a lawsuit over the way Wynn Resorts Ltd. forcibly bought back the stake of Kazuo Okada so that officials can conduct a criminal investigation into both sides.

The Las Vegas Review-Journal (http://bit.ly/18vsYcx ) reports Clark County District Judge Elizabeth Gonzalez granted a six month freeze on Thursday.

Okada was once the largest shareholder in Wynn Resorts, which operates luxury hotels and resorts in Las Vegas and Macau, but the company forcibly bought back his 20 percent stake in the company.

Federal prosecutors are investigating how Okada won a casino license in the Philippines.

They are also looking into a $135 million donation to the University of Macau that Wynn made two years ago.

Prosecutors may ask to extend the six month window.

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

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