HONG KONG Aug 28 Kazuo Okada, the Japanese
billionaire embroiled in a legal fistfight with former partner
and chairman of Wynn Resorts, Steve Wynn, on Tuesday
filed a defamation lawsuit in Japan against the casino company
and its officials.
Okada, who submitted the filing through his company
Universal Entertainment, is claiming $140 million
(11.2 billion yen) in damages, alleging that Wynn's actions led
to a fall off in Universal's stock price, new business
opportunities and damaged his reputation.
Representatives for Wynn were not immediately available.
The filing is the latest skirmish in an eight-month-long
saga, which has also seen Okada and Wynn sue each other in the
Universal, in a stock exchange statement, said it had filed
the lawsuit before the Tokyo District Court.
Until this past winter, Okada was the largest shareholder in
Wynn's $11 billion gambling empire, which has casinos in Las
Vegas and Macau. He helped bankroll Wynn's operations for more
than a decade.
The two fell out publicly in January when Okada filed a
lawsuit in the U.S. against Wynn for blocking access to
financial documents relating to a $135 million company donation
to the University of Macau.
Wynn has stripped Okada of his once 20 percent share holding
in Wynn Resorts, claiming that he is unsuitable to continue as a
board member of the company. Both self-made billionaires claim
the other made improper payments to win favour in their
respective Macau and Philippines markets.
Okada who made his fortune in pachinko--a game that is a
cross between pinball and slots-- is developing a $2 billion
casino resort in the Philippines.