Universal Entertainment expects to post loss of US$11.48m for Q3
The company attributed the loss to Kazuo Okada’s occupation of Okada Manila from May 31 to September 1.
The Philippines.- Universal Entertainment Corp has reported that it expects to post a loss of JPY 1.6bn ($11.48m) for the third quarter of the year. The company, which operates Okada Manila through its subsidiary Tiger Resorts, Leisure and Entertainment (TRLEI), attributed the loss to Kazuo Okada’s occupation of the casino.
On May 31, a group linked to Kazuo Okada took over the casino by force. in September, Universal Entertainment Corp retook control of the complex.
According to Universal Entertainment, during the months that Kazuo Okada and his team were in control, “TRLEI executives were fired, employees who did not follow orders were fired.
“Contracts and other TRLEI documents that can be used as evidence were taken to a different location, some physical assets were improperly acquired (some cash handled at the casino cage was taken to a different location), and there are suspicions that digital data were altered.”
Okada himself was arrested after returning to the Philippines to face charges of grave coercion brought against him. In the second quarter of the year, Universal posted a revenue of PHP8.96bn (US$142.7m), up 233 per cent year-on-year, and gross gaming revenue of PHP8.29bn.
