Wynn downplays SEC inquiry, hits Okada claims

Wynn, who is widely credited with reinventing the modern Las Vegas strip, added that Okada had only voted against the donation because of the duration of the payments, to be made over 11 years, and not because of "its propriety."

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Okada, an engineer by training who got his start fixing jukeboxes, has one of four licenses for a casino in the Philippines that Wynn says is at the core of the tussle.

Wynn reiterated this in the memo and said his business partner of 12 years had become a competitor.

"In breaking ground recently on his Philippine project, Mr. Okada not only defied the wishes of the board, he became a significant new competitor," he wrote in the memo.

A spokesman for Okada had no comment on the SEC inquiry.

The SEC inquiry is a first for Wynn Resorts, which some analysts say has a cleaner track record than rivals such as Las Vegas Sands Corp.

Las Vegas Sands' operations in Macau, the world's biggest gambling hub, are being probed by the SEC and the U.S. Department of Justice -- with allegations of potential illegal dealings with a public official.

Okada, who owns more than double the stake of Wynn Resorts held by its namesake, highlighted the donation in legal filings, saying it was "inappropriate" since the university sits on government land.

Macau, the world's largest gaming market, is critical to Wynn's profits. The company accrues the bulk of its revenue from its Wynn Macau subsidiary on the back of unflagging demand from wealthy Chinese gamblers.

The tiny former Portuguese colony, situated on the tip of China's southern coast is the only place in China where citizens are legally allowed to gamble, resulting in revenue that dwarfs Las Vegas at least five times over.