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Steve Wynn on Conclusion of Investigation: ‘Only Damn Newspapers Cared’

Written by:

Aaron Goldstein

Published on:

Jul/09/2013

Steve Wynn on Conclusion of Investigation: ‘Only Damn Newspapers Cared’

US federal investigators are now through looking at a US$135 million donation given to a university in Macau by casino giant Wynn Resorts.

The Securities and Exchange Commission concluded Wynn Resorts, which has a casino in the gambling enclave of Macau, did nothing wrong and will not be perusing enforcement action.

“We were so sanguine that we never paid any attention to it; we had no exposure. It was a non event except for the damn newspapers,'' CEO Steve Wynn said.

The six-month federal investigation originated from a continuing battle between former friends and business partners Kazuo Okada and Wynn.

Okada used to work for Wynn Resorts’ single largest shareholder but the company later alleged that Okada had made improper payments to overseas gambling regulators. As a result, Wynn Resorts forcibly bought back his shares.

Wynn and Okada have been at war ever since.

- Aaron Goldstein, Gambling911.com

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