Breaking News
Investing Pro 0
Cyber Monday Extended SALE: Up to 60% OFF InvestingPro+ CLAIM OFFER

Japan's Universal Entertainment takes over operations of Okada Manila casino

Stock Markets Sep 04, 2022 09:00AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
2/2 © Reuters. The logo of Universal Entertainment Corp. is seen at the company's headquarters in Tokyo, Japan, June 29, 2017. REUTERS/Toru Hanai 2/2

MANILA (Reuters) - Japan's Universal Entertainment Corp said on Sunday its local representatives in the Philippines have taken over the operations of the Okada Manila gambling resort, the latest step in a long-running ownership dispute.

Universal said in a statement accompanied by a copy of a Sept. 2 order from the local gaming regulator that the takeover of the $3.3 billion gambling resort, the largest in Southeast Asia, had been "generally peaceful".

The regulator, Philippine Amusement and Gaming Corp. (Pagcor), said in its order that it was withdrawing its recognition of board members of Tiger Resort Leisure and Entertainment, the developer and operator of Okada Manila, previously installed by a group including Japanese tycoon Kazuo Okada.

Pagcor also directed Okada's Filipino partners to stop operating the casino and disbursing funds from the property's coffers.

Pagcor said that only Okada himself would be recognised henceforth, in compliance with a Philippine Supreme Court order in April that reinstated the pachinko mogul as chairman, stockholder and director of Tiger Resort.

Okada had been ousted from both Tiger Resort's and from Universal's boards in 2017.

The group of Okada and his Filipino associates, however, said on Sunday that Pagcor had defied the Supreme Court order and that they would take legal action over the matter. They did not elaborate.

In a notice issued on Saturday after the order from Pagcor, Okada Manila had said "business remains as usual" at the 44-hectare (108-acre) resort.

Okada Manila started operations late in 2016. With 993 suites and villas, 500 table games and 3,000 electronic gaming machines, it is the biggest of four multibillion-dollar casino-resorts operating in the Philippine capital, which has one of Asia's most freewheeling gaming industries.

Japan's Universal Entertainment takes over operations of Okada Manila casino
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email