TRAL and Universal Entertainment retake control of Okada Manila
Tiger Resort Asia Ltd has reinstated its board members and fully regained control of the resort and casino.
The Philippines.- Universal Entertainment Corp has announced in a press release that its company Tiger Resort Asia Limited (TRA) has retaken control of Okada Manila’s casino resort. The company claims to have made a generally peaceful transition despite a brief scuffle at the venue between Kazuo Okada’s self-appointed board and government authorities.
Representatives of PAGCOR were assisted by officers of the Philippine National Police (PNP) in enforcing an order to return control to TRA after Okada took control of the venue at the end of May.
Universal said in the release: “The group of businessman Antonio Cojuangco was ordered to cease by the Philippine Amusement and Gaming Corp. (PAGCOR), furtherance of the Status Quo Ante Order (SQAO) earlier issued by the Supreme Court concerning the management and operation of the contested Okada Manila.”
Kenshi Asano, TRAL director, said: “We believe that the order from the PAGCOR affirms our position in the intra-corporate dispute in Okada Manila. It is consistent with both the letter and spirit of the SQAO of the Supreme Court. We are hopeful that both the High Tribunal and the Court of Appeals will agree and this issue can be put to rest very soon.”
The company added that Kazuo Okada will be recognised on the board for now in view of the SQAO which temporarily restored him to his position. It says Okada’s fate will be decided by the Supreme Court once the Court of Appeals submits its findings.
Asano stated: “While we have successfully retaken control over the management and premises of Okada Manila, we will remain focused on resolving this matter with finality. A favourable outcome will help the Philippines regain the trust of international investors.”
In June 2017, Kazuo Okada and COO Takahiro Usui were kicked off the board of Tiger Resort Leisure Entertainment. The company then accused Okada of misusing company funds. Okada was also removed from the board of parent company Universal Japan Entertainment, which brought three fraud charges against him.
Okada Manila GGR up 37.7% in Q2
In August, the casino reported gross gaming revenue of PHP8.30bn (US$149.3m) for Q2, up 37.7 per cent quarter-on-quarter from PHP6.02bn.
The company reported that VIP GGR was up 27.8 per cent quarter-on-quarter to PHP3.25bn while mass-market table GGR was up 42.8 per cent to PHP2.19bn. Gaming machine GGR grew 46.7 per cent to PHP2.86bn and non-gaming revenue, including from hotel and food and beverages, was up 77.8 per cent to PHP665m.
