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MANILA, Sept. 4 (Reuters) – Universal Entertainment Japan (6425.T) Its local representative in the Philippines has taken over the operations of Okada Manila Casino, the latest move in a long-running ownership dispute, it said on Sunday.
In a statement, Universal Pictures attached a copy of the local gaming regulator’s Sept. 2 order, saying the $3.3 billion acquisition of Southeast Asia’s largest casino resort was “generally peaceful.”
The regulator, the Philippine Amusement and Gaming Corporation (Pagcor), said in its order that it is withdrawing its endorsement of the board members of Tiger Resorts Leisure, the developer and operator of Okada Manila and previously owned by Japanese tycoon Kazuo A group including the installation of Okada.
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Pagcor also instructed Okada’s Filipino partner to stop operating the casino and pay funds from the property’s coffers.
Only Okada himself will be recognized in the future, according to an order by the Philippines Supreme Court in April reinstating the pachinko tycoon as chairman, shareholder and director of Tiger Resort, Pagcor said.
Okada was ousted from the boards of Tiger Resorts and Universal in 2017.
However, Okada and his Filipino associates said on Sunday that Pagcor had violated the Supreme Court order and that they would take legal action in the matter. They didn’t elaborate.
In a notice issued Saturday after Pagcor’s order, Okada Manila said the 44-hectare (108-acre) resort is “business as usual.”
Okada Manila started operations in late 2016. With 993 suites and villas, 500 table games and 3,000 electronic gaming machines, it is the largest of four multibillion-dollar casino resorts operating in the Philippine capital, home to one of the most freewheeling gaming industries in Asia. one.
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Reporting by Neil Jerome Morales; Editing by Hugh Lawson
Our standard: Thomson Reuters fiduciary principles.
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