Universal Entertainment takes over operations of Okada Manila resort

Universal Entertainment Corp., a Japan-based manufacturer of gaming machines, has recently announced that its local representatives in the Philippines have taken over the operation of a gambling resort, Okada Manila, taking the final step in a long-ongoing ownership dispute.

Universal revealed in a statement accompanied by a September 2 order copy from the local gaming regulator that the procurement of the USD 3.3 billion gambling center, which is the largest in Southeast Asia, was finalized.

A regulatory body, Philippine Amusement and Gaming Corporation (PAGCOR) revealed that it is withdrawing its recognition from board members of Tiger Resort Leisure and Entertainment, which is the operator and developer of Okada Manila, installed earlier by the group, including Kazuo Okada.

PAGCOR has also ordered Okada’s Filipino partners to cease casino operations and withdraw funds from the estate funds.

The regulator has also stated that hereafter, Okada will only be recognized, following the order issued by the Philippines Supreme Court in April that reinstated the pachinko tycoon as Shareholder, President, and Director of Tiger Resort.

As per credible reports, Okada was eliminated from the boards of Universal and Tiger Resorts in 2017.

Okada’s group and his partners in the Philippines, however, stated that PAGCOR had overlooked the Supreme Court’s order and that the regulator will take legal action over the matter. They did not provide further details on the same.

In a note issued recently following an order from PAGCOR, Okada Manila stated that the business operation remains as usual at the 108-acre (44-acre) gambling resort.

For the unversed, Okada Manila began operating in late 2016, with 993 villas and apartments, 3,000 electronic slot machines, and 500 table games. It is also the largest of the four multi-billion-dollar casino resorts that operate in the capital of the Philippines, which consists of the most dynamic gaming industries across Asia.

Source credit - https://www.reuters.com/markets/asia/japans-universal-entertainment-takes-over-operations-okada-manila-casino-2022-09-04/