Japanese pachinko tycoon dealt tough hand by Wynn

Kazuo Okada, the Japanese billionaire embroiled in a legal dispute with Las Vegas casino mogul Steve Wynn, has been dealt a tough hand by his ex-partner and best friend.

Okada, an engineer by training who helped bankroll his friend’s Wynn  Resorts Inc empire, now worth $14 billion, stood accused on Sunday of improper payments to foreign gambling regulators and lost his nearly 20 percent slice of that company when it was forcibly redeemed by Wynn at a steep discount.

The falling-out between the two self-made tycoons has longer-term implications for their multibillion-dollar businesses. Each is claiming the other made improper payments to win favor in their respective Macau and Philippines markets, two of the world’s fastest-growing casino arenas. 

It comes at an inopportune time for Okada, who has mostly been careful to maintain a low profile while exploring and developing projects from the Philippines to North America.


by Arthur Furrowfield

Posted in 1, Arthurs Potting Shed, Far East Asia, Japan, They Said, WTF. Comments Off on Japanese pachinko tycoon dealt tough hand by Wynn
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