Ex-Wynn Partner Blames Stock Drop On Bad Management

Law360, New York (September 18, 2012, 12:10 PM EDT) -- The Japanese billionaire locked in a bitter legal battle with casino mogul Steve Wynn filed a letter with the U.S. Securities and Exchange Commission on Monday telling shareholders that Wynn's gambling empire is struggling against its founder's “questionable actions” including alleged bribery of government officials.

Kazuo Okada, once the largest Wynn Resorts Ltd. shareholder, dug into Wynn's management of his company, saying investors had lost confidence in the business based on its leader's “poor governance” driven by his “personal and financial control goals.” The letter cites...
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