The Philippine Supreme Court has lifted the order restoring Kazuo Okada to Okada Manila’s board.<\/p>\n\n\n\n\n\n\n\n
The Philippines.-\u00a0Universal Entertainment Corp<\/strong>\u00a0has announced through a company filing that the Philippine Supreme Court has lifted the order restoring\u00a0Kazuo Okada<\/strong>\u00a0to Okada Manila’s board.\u00a0It affirmed Okada’s removal from key positions at Tiger Resort, Leisure and Entertainment (TRLEI) and clarified that he is not the controlling stockholder of the conglomerate’s ultimate parent company.<\/p>\n\n\n\n The company said it will recommence its suspended negotiation with the Philippines financial institutions\u00a0and proceed with the refinancing of its privately placed notes outside of Japan with various covenants such as the limitation on share buy-back issued to fund the Okada Manila project.<\/p>\n\n\n\n Kazuo Okada, the founder of Universal Entertainment, was ousted in June 2017 amid fraud accusations, which he has consistently denied.\u00a0In April of 2022, Okada had secured a “status quo ante” order, restoring the TRLEI board to its pre-removal composition. This order was used to justify\u00a0a six-month takeover of Okada Manila<\/a>.<\/p>\n\n\n\n Universal Entertainment Corp<\/strong>\u00a0has shared financial results from TRLEI for Q3. The casino operator reported that gross gaming revenue (GGR) was\u00a0up 9.4 per cent quarter-on-quarter<\/a>\u00a0from PHP11.29bn (US$207.7m) to PHP12.35bn (US$217.7m). The figure was up 29.7 per cent in year-on-year terms.<\/p>\n\n\n\n VIP table game revenue made up the largest component at PHP4.42bn (US$77.95m). Mass table revenue was PHP4.1bn (US$72.29m) and gaming machine revenue PHP3.82bn (US$67.36m). Adjusted segment earnings before interest, taxation, depreciation, and amortisation (EBITDA) increased by 45.6 per cent year-on-year to PHP3.56bn (US$62.7m). This was down 16 per cent quarter-on-quarter.<\/p>\n\n\n\nTRLEI posts gross gaming revenue of US$217.7m for Q3<\/h2>\n\n\n\n