U.S. Markets open in 1 hr 23 mins

Okada letter to SEC blames Wynn for stock decline

LAS VEGAS (AP) -- A Japanese billionaire is ratcheting up a personal and legal feud with casino mogul Steve Wynn in an accusatory letter to Wynn Resorts shareholders.

Former Wynn friend and business partner Kazuo Okada filed the four-page open letter to stockholders with the U.S. Securities and Exchange Commission on Monday.

It blames a decline in the company's stock price on what Okada calls lost shareholder confidence in company management.

Wynn is the chairman and chief executive of Wynn Resorts Ltd.

The company didn't immediately respond.

Okada used to be Wynn Resorts' single largest shareholder. He's battling the company's efforts to forcibly buy back his shares after the company said he made improper payments to overseas gambling regulators.

Okada's Aruze USA Inc. is also nominating two people to Wynn Resorts' board of directors.