Nevada regulator end Wynn Resorts investigation

In addition, Wynn said that a federal court in Nevada granted its motion to dismiss a shareholder complaint against the company related to the donation, saying that there wasn't a legal basis for the case to go on. The accusations stem from an ongoing battle between former friends and business partners Kazuo Okada and company CEO Steve Wynn.

Okada used to be Wynn Resorts' single largest shareholder but the company tried to forcibly buy back his shares after it said it found that Okada made improper payments to overseas gambling regulators. The two have traded accusations of unethical or illegal conduct during the extended legal, and seemingly personal, dispute.

Wynn is seeking to remove Okada from its board at a special shareholder meeting set for February 22. Okada has filed suit in a Nevada federal court to halt the meeting, saying that the proxy calling for it makes false statements.

Wynn said its board has already deemed Okada unsuitable. It said a lengthy investigation by former FBI Director Louis Freeh uncovered evidence of improper conduct in connection with Okada dealings with Philippine officials.

On Monday, Wynn said that Institutional Shareholder Services, a major proxy advisory firm, issued a report recommending that shareholders vote to remove Okada. Wynn shares fell 11 cents to us$ 126.26 in morning trading.

Meanwhile, Reuters reports that the Osaka Securities Exchange is investigating how Mr Okada’s Universal Entertainment accounted for millions of dollars paid in 2010 to advance the casino project in the Philippines, people with direct knowledge of the inquiry told the news agency. Mr Okada and Universal have always denied any wrongdoing.