The Okada Manila casino resort’s operations have remained unaffected by the recent announcement by parent company Universal Entertainment Corp. that its founder – Japanese tycoon Kazuo Okada – was the subject of fraudulent loan internal investigation.
The casino complex issued a statement on Friday to confirm that it would continue operating as usual, despite the ongoing investigation and that, due to the nature of the probe, was not able to provide further comments.
Okada Manila celebrated its official opening in late March. The $2.4-billion luxury integrated resort became the third property to be built and launched as part of the Entertainment City precinct, a massive multi-billion dollar development project located on the Manila waterfront.
Okada Manila is owned and operated by Tiger Resort Leisure and Entertainment Inc., which is, in turn, a subsidiary of Japanese pachinko manufacturer Universal Entertainment. Universal was founded by Mr. Okada, who has also long been Chairman of the company.
The Japan-headquartered gaming machine maker said in a Thursday filing to JASDAQ that the businessman and Yoshinao Negishi, Director at the company, were investigated over a money transfer they had carried out without the necessary approval from the other Board members. Said transfer had allegedly benefited Mr. Okada.
It was believed that the amount of HK$135 million had been loaned by Universal subsidiary Tiger Resort Asia Ltd. to an unnamed third party on March 20, 2015. The money transfer had allegedly bypassed internal decision-making policies. The greater part of the above-mentioned sum, HK$130 million to be more precise, was later on transferred to Okada Holdings Ltd. Mr. Okada was Director at the latter company at that time.
Universal said in the Thursday statement that it has appointed a Special Investigation Committee to probe into the matter. The committee of corporate auditors, members of the Internal Audit Office, and external experts will prepare a report based on its findings, which is expected to be presented on June 30.
Mr. Okada’s directorship troubles have not been limited to his role at Universal, a company he himself found back in the late 1960s. The Japanese businessman had previously held a role at the Board of Las Vegas casino operator Wynn Resorts. However, in 2012 he was dismissed due to allegations of bribing Philippine gambling officials and thus running afoul of US laws.
Wynn Resorts owner Steve Wynn filed a lawsuit against Mr. Okada in early 2013, claiming that the latter had wined and dined with Philippine gambling regulators in pursuit of opportunities to enter the country’s gambling market. It has been reported earlier this year that Mr. Wynn has been assisting the Federal Bureau of Investigation in an ongoing investigation of Mr. Okada’s activities back then.
