PAGCOR probes forceful takeover of Okada Manila by representatives of casino founder Kazuo Okada
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The Philippine Amusement and Gaming Corp (PAGCOR) said on Wednesday that they are looking into an incident that involved an on-site confrontation between the then sitting management of Okada Manila and representatives of Okada Manila’s founder, Japanese casino billionaire Kazuo Okada, on the other. Tiger Resort Leisure and Entertainment released a statement saying that "a group of Kazuo Okada, illegally and violently took over the premises of Okada Manila, employing brute force and intimidation to compel key legitimate officers to vacate the premises".
Alfredo Lim, PAGCOR President said that the regulator’s board was meeting to discuss the incident: "Our only concern in this corporate squabble between contending stockholders is that the operation is not disturbed," he commented as reported by Reuters.
In April, the Philippines’ Supreme Court ruled thatOkada could once again lead the Okada Manila integrated casino-resort as CEO of its operator Tiger Resorts, a position he was ousted from in 2017 on suspicion of misappropriating $3 million.
But Tiger Resorts - owned by Japan-based Universal Entertainment Inc - has appealed against the Supreme Court ruling. Okada was also ousted from Universal’s board in 2017, with directors accusing him of misappropriating $20 million in funds, which he denied.
Estrella Elamparo, legal counsel for Tiger Resorts, said the May 31 takeover was "illegal and violent", alleging that Okada’s team had taken by force the physical premises, aditionally a video shared by Tiger Resorts with local broadcaster ANC showed physical skirmishes and verbal confrontation as guards and police escorted casino personnel out of a dark meeting room at the premises.
In a statement, Okada said he "continues to seek justice in order for him to regain his position as the rightful head of Universal Entertainment Inc." Adding that he hoped to vindicate himself from what he described as underhanded treatment by "rogue employees" at Universal.
The 44-hectare (108 acres) Okada Manila, located beside the Manila Bay, features 993 suites and villas, 500 table games, and 3,000 electronic gaming machines. It is among the four multi-billion dollar casino resorts operating in the Philippine capital.
Okada Manila went public in the United States in 2021 through blank-check firm 26 Capital Acquisition in a $2.5 billion deal.
